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Council authorizes lease financing to move forward with Sergeant Piney aquatics center
Summary
Ridgecrest City Council approved a certificates-of-participation lease financing plan to fund construction of the Sergeant Piney Aquatic Center and directed staff to finalize related documents; council and finance advisers discussed sizes of a down payment, debt-service estimates and a target closing date.
The Ridgecrest City Council on Jan. 15 authorized the city to proceed with lease‑back financing in the form of certificates of participation to fund construction and equipping of the Sergeant Piney Aquatic Center.
The council approved a resolution (motion passed 5–0) that authorizes the form of financing documents and directs the city manager, finance director, city clerk, mayor and vice mayor to execute the documents required to issue the securities and close the loan, with staff to return as needed for final approvals.
Why it matters: The project is the largest capital undertaking the city has advanced since passage of Measure P. Council discussion focused on how much of Measure P reserves to use as a down payment, how the debt service will be impounded over time, and how the financing schedule fits the city’s bid and…
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