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Council approves resolution to enable Arena Authority bond sale; principal increased, new purchaser lined up
Summary
The Alva City Council approved Resolution 2025-013 to authorize arena-authority bond financing tied to a TIF district; bond principal rose about 10% since June to add livestock handling and solar equipment, and a rural water finance agency will purchase the bonds after an earlier buyer withdrew.
The Alva City Council approved Resolution 2025-013 to ratify action by the Arena Authority authorizing issuance, sale and delivery of tax apportionment bonds, a related security agreement for tax increment revenues, and to waive competitive bidding and authorize sale at a discount.
Bond counsel Bode Bachelor told the council the request mirrors action the council took on June 16 but was necessary again because the initial purchaser, Axos Bank, withdrew after the June meeting. The placement agent subsequently found a different buyer, identified in the meeting as a rural water finance…
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