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Finance committee OKs parameters for $137 million general obligation promissory notes sale
Summary
Committee approved a parameters resolution authorizing up to about $137 million in general obligation promissory notes to fund capital projects, with details on maturity splits, projects and expected sale timing.
The Finance Committee on July 28 voted unanimously to recommend a parameters resolution authorizing the issuance and setting parameters for the sale of general obligation promissory notes totaling up to about $137 million to finance capital projects in the adopted 2025 capital budget.
Finance staff explained the borrowing will fund a mix of projects including street reconstruction, fleet replacement, parks projects, stormwater work, facility remodels and loans tied to tax increment finance districts. “What’s before you in the parameters resolution is a total borrowing of about a $137,000,000,” the presenter…
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