Council hears proposal for county treasurer line of credit to help PFD advance schematic design

City of Lynnwood staff presented Sept. 15 on a proposed short-term financing plan the Lynnwood Public Facilities District is pursuing with the Snohomish County treasurer: a renewable line of credit up to $15 million that would be backed by the city as credit guarantor and repaid by the PFD.

Director Meyer explained the structure and timing. "They're asking for 15,000,000 from the county," Meyer said, describing a line-of-credit arrangement in which the PFD would draw funds as needed. Meyer said the district plans to draw an initial roughly $9 million in November to repay principal on outstanding bonds the city currently backs, and then draw remaining proceeds to advance schematic design and other work. Meyer said the PFD currently has about $9.6 million of outstanding debt that the city backs; after the PFD's initial paydown the city's immediate backed exposure would shift,…