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Ferndale redeems 2016 UTGO bond, reduces FY26 debt millage
Summary
The Ferndale City Council authorized redemption of the series 2016 unlimited tax general obligation bond (approx. $3 million outstanding) and approved a reduced FY26 debt millage, lowering resident tax bills by an estimated $75–$100 annually in year one.
Ferndale City Council authorized the early redemption of the city’s 2016 unlimited tax general obligation (UTGO) bond and approved a revision to the city’s FY26 tax levy that reduces the city’s debt millage rate.
City staff and council said the city can use fund balance reserves to pay the roughly $3 million aggregate balance on the 2016 bond. Paying the bond off now will eliminate future interest payments and let the…
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