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Council advances bond-resolution steps to reimburse reserve fund; staff outline timeline and costs
Summary
The council reviewed a resolution that would begin the judicial-validation process for issuing judgment-obligation bonds and declare an intent to reimburse the city reserve fund from future bond proceeds; staff estimated a potential $80 million issuance and discussed projected interest and timing.
Council considered a resolution to initiate steps for a potential issuance of judgment-obligation bonds (JOBs) and to declare the city’s intent to reimburse the reserve fund from future bond proceeds.
City staff and legal counsel described the administrative and judicial-validation procedures required for this type of bond issuance. Ernesto Gutiérrez of the Office of the Judicial Validation…
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