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Council approves first reading to authorize general obligation bonds for public safety building improvements
Summary
Council gave first reading approval to an ordinance authorizing issuance of general obligation bonds to fund tenant improvements for a leased public safety facility; staff said closing is targeted for late June–early July.
The Puyallup City Council on March 25 approved on first reading an ordinance authorizing the issuance of general obligation bonds to finance tenant improvements for a public safety building the city plans to lease from a private owner.
Barbara Lopez, finance director, said the ordinance is the foundational approval the city needs to proceed; the plan is to close on the bonds in late June or early July so construction funds will be available when work begins. Lopez said the city budget used a 5.5% interest assumption for…
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