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City OKs publication to start process for up to $23 million in certificates of obligation
Summary
The Portland City Council approved a resolution to publish notice of intent to issue up to $23 million in certificates of obligation to fund capital projects and to pursue a refinancing opportunity; officials outlined an April bond-market date and a May closing.
The Portland City Council on Feb. 18 approved Resolution 9-27, authorizing publication of a notice of intent to issue the city’s combination tax and limited pledge revenue certificates of obligation in an aggregate principal amount not to exceed $23,000,000.
The action starts a statutory process that City financial staff said would allow the city to enter the bond market on April 22 and close on May 22 to fund projects in the city’s capital improvement plan and to refinance an existing issue.
Victor Quiroga, the city’s financial advisor, told the council the plan envisions two…
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