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Festus council approves payoff of outstanding COPs balance from General Fund reserve
Summary
The council voted to pay off the outstanding balance of the city's COPs using General Fund reserve; staff provided figures for budgeted debt service and the remaining reserve impact.
The Festus City Council voted to pay off the outstanding balance on a series of certificates of participation (COPs), directing the payment from the General Fund reserve.
A staff member reported that the debt service payment of "$111.06 25" is budgeted and approved for the fiscal year and that the outstanding balance that would be taken from the General Fund reserve "would be $325,275," according to the meeting record. A councilmember moved to pay off the full amount of the referenced COPs; the motion was seconded, put to a roll call vote and passed with all present councilmembers voting yes.
Meeting minutes do not specify the exact dollar figure of the "$20.12 COPs" phrase used during discussion; the transcript records the phrase as spoken but does not supply a clear numeric formatting or further documentation in the meeting record. The finance figure cited for the budgeted debt service and the reserve impact were provided to the council during the discussion.
No further conditions, repayment plan changes, or outside approvals were recorded in the meeting minutes. The motion was described as a payment to retire the outstanding COPs obligation; details about the reporting timetable or accounting entries were not specified in the meeting transcript.
