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Council establishes separate certificate of obligation fund and adopts city debt policy; requests quarterly drawdown reports
Summary
Council approved establishment of a dedicated fund for proceeds from the Series 2025 certificates of obligation, created an interest and sinking fund, adopted a city debt policy, and unanimously passed an ordinance requiring quarterly reports on drawdowns and use of funds.
The City Council approved measures Monday to manage proceeds and debt for the Series 2025 certificates of obligation and adopted a formal debt policy.
Staff recommended creating a separate fund to hold certificate of obligation proceeds so those proceeds are not commingled with other city funds and are used only for the purposes set out…
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