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Franklin City Council adopts tweak to sewage works revenue bond ordinance to permit surety instead of escrow
Summary
The Franklin City Council approved Ordinance 2025-05, amending Ordinance 2025-03 to allow purchase of a surety bond in lieu of reserving a portion of bond proceeds. City attorney Lynn Graham and the city—inancial advisor said the change is intended to reduce borrowing costs without altering bond terms.
The Franklin City Council on a unanimous voice vote approved Ordinance 2025-05, amending Ordinance 2025-03 so the city may purchase a surety bond rather than set aside a portion of sewage works bond proceeds.
The change, introduced at the council's previous meeting, allows the city to use a surety instead of earmarking bond proceeds. "What was being amended ... was to allow us to not, to also use a surety as opposed to setting aside a portion of the bond to…
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