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Roanoke council approves up to $25 million bond anticipation note to fund deferred maintenance
Summary
Roanoke City Council on July 21 adopted a resolution authorizing up to $25 million in general obligation public improvement bonds in the form of bond anticipation notes to fund deferred-maintenance projects, selecting Atlantic Union Bank for a line of credit with a 3.95% fixed rate and prepayment rights; elevators listed as the first priority.
Roanoke City Council adopted a resolution on July 21 authorizing the issuance and sale of up to $25,000,000 in general obligation public improvement bonds, structured as bond anticipation notes, to fund deferred-maintenance projects across the city.
City finance director Margaret Lindsay introduced David Rose of Davenport & Company, who told the council the city received nine proposals and is recommending Atlantic Union Bank. “We have a locked in fixed rate of 3.95 percent for up to the next 5 years,” Rose said. He added the facility is…
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