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St. Helens faces added costs on public safety facility: arbitrage and possible $2 million loan discussed
Summary
Finance staff told the committee bond proceeds and low construction spending triggered arbitrage repayment estimated near $665,000 and that an additional $2 million loan may be needed to finish the public safety facility and purchase property.
City finance staff told the Budget Committee the public safety facility project will require additional funding to complete construction and pay federal arbitrage obligations tied to bond proceeds.
"We anticipate that the proceeds from the original bond will not be sufficient to fully construct the public safety facility," City Finance Director Gloria Butch said. She said the city expects an arbitrage repayment after proceeds were invested and substantially unused for construction within the five-year window,…
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