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Council told $6.5 million Ortiz settlement paid; controller and council to consider certificate of necessity and July bond sale for capital projects
Summary
City staff said a $6.5 million payment in the Ortiz legal settlement was made using pension-savings balances from vacancies; the council was asked to approve a certificate of necessity at finance committee and was told the city aims to go to the bond market in July to fund capital projects.
City officials told the Buffalo City Council that a $6.5 million payment in the Ortiz legal settlement was made from funds the city had set aside earlier and that council review of a certificate of necessity will be requested at the finance committee.
A city representative said the payment was made last week and that the city had placed the cash in an interest-bearing account in 2023; now that a judgment exists, the cash will be applied to satisfy the settlement. The controller’s office identified the funding source as savings in police, fire and civilian pension accounts attributable…
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