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Finance committee approves $8 million in bond-anticipation advances; staff stress repayment requirement
Summary
The Medina City Council Finance Committee approved advances of $3 million and $5 million between city funds using bond anticipation notes; staff said state-auditor guidance and the note structure require the advances be repaid.
The Medina City Council Finance Committee approved advances of $3,000,000 and $5,000,000 between city funds using bond anticipation notes, with staff stressing the advances must be repaid.
City staff said the advances are structured as bond anticipation notes rather than transfers so the funds can be advanced now and repaid later once long-term financing is in place. Keith (staff member)…
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