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Council committee briefed on early repayment of 2014 LTGO bonds tied to Aurora Stone site
Summary
Seattle staff told the Finance Committee May 21 they plan to use roughly $3.5 million in identified interest earnings and reserves to redeem the callable portion of $6.7 million in 2014 limited-tax general obligation bonds, eliminating about $75,000 a year in interest and preserving options for the Aurora Stone site.
Seattle budget and finance staff briefed the Finance, Native Communities and Tribal Governments Committee on May 21 on a proposal to redeem the callable portion of limited-tax general obligation (LTGO) bonds issued in 2014 to acquire a property known as Aurora Stone in North Seattle.
Dan Eder, interim director of the City Budget Office, said the 2014 issuance originally totaled $6.7 million for acquisition of the site. "Paying off the bonds will end the debt service. This will save the city approximately $75,000 annually in interest payments," Eder said, while noting the outstanding principal on the callable bonds is about $3.4 million.
Jamie Carnell, director…
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