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Council committee schedules bond/note rollover ordinance for Feb. 11; finance staff outline plan to pay down notes
Summary
Finance staff and outside counsel recommended rolling over one-year notes due April 3 while applying a planned $350,000 paydown; council committee approved placing a bond/note renewal ordinance with emergency on the Feb. 11 agenda.
Finance staff and outside legal and financial advisers told the council finance committee on Jan. 28 that the city plans to roll over short-term notes coming due April 3, 2025, while applying a budgeted paydown, and the committee voted to place the ordinance on the Feb. 11 meeting agenda with an emergency designation.
Director Frank introduced bond counsel Catherine Schwartz and a finance advisor, who said the city budgeted $350,000 to pay down outstanding notes and typically rolls over one-year notes rather than issue long-term bonds at the current scale.…
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