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Council authorizes FTA repayment installments from emergency fund, leaves balloon payment unresolved
Summary
Council approved payment installments four through eleven on an FTA repayment plan to be paid from the city’s emergency fund and said the final balloon payment (installment 12) may require additional budgeting or external assistance; staff said options will be explored before the balloon payment is due next year.
City Council on May 22 authorized installment payments four through eleven on an FTA (Federal Transit Administration) repayment plan to be paid from the city’s emergency fund, the administration said.
Finance staff explained the resolution covers payments 4–11; council and staff discussed the remaining balloon payment…
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