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Council authorizes defeasance of selected bonds using invested sinking fund to reduce outstanding debt
Summary
The Finance Executive Committee approved an ordinance allowing the CFO to establish an escrow and defease selected outstanding general obligation bonds using funds in the city's invested sinking fund, which holds roughly $250 million. The move is intended to lower the city's outstanding debt burden and inform FY26 budget planning.
The Finance Executive Committee approved a substitute ordinance authorizing the chief financial officer to establish an escrow deposit agreement and defease selected outstanding general obligation bonds using funds from the city's invested sinking fund.
Courtney Knight, chief of treasury, debt and investments, told the committee that the property tax levy is deposited into an invested sinking fund held by a paying…
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