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Council authorizes issuance of tax notes to finance fire vehicles and equipment
Summary
After a presentation from financial adviser Samco Capital Markets, the Paris City Council authorized staff to proceed with issuing tax notes to finance fire department vehicles and equipment; council expects a seven-year maturity and proceeds about 30 days after sale.
The Paris City Council authorized staff to proceed with the issuance of tax notes to finance fire department vehicles and equipment after a presentation from the city’s financial adviser, Samco Capital Markets.
Samco representative (Mister Cunningham) provided a proposed timetable: staff and bond counsel prepare offering documents and financials, the city would sell tax notes at a future council meeting (Samco proposed the second June meeting) and funds should be available roughly 30 days after sale to complete purchases or enter purchase agreements. The adviser said the notes would carry a maximum maturity of seven years and discussed current market volatility and the plan to seek a rating and public sale through underwriting.
Council members asked whether the city may have overlapping tax notes; the adviser said the city may have multiple notes outstanding for separate purposes. Several council members expressed support for proceeding so the fire department can acquire needed apparatus; the council authorized staff to move forward with the financing.
No bond sale occurred at the meeting; authorization and direction to staff and consultants were the council’s recorded actions.
