Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Council approves bond insurance, TIF plan changes to free reinvestment-zone funds for projects
Summary
The Temple City Council approved replacing bond reserve funds with surety insurance and amended the tax increment financing plan to reallocate funds freed by a recent refunding, moves staff said will release more than $5 million for reinvestment-zone projects.
The Temple City Council on Aug. 21 approved a package of financing changes for Reinvestment Zone No. 1 that city staff said will free funds held in bond reserves and reallocate them to projects inside the zone.
City financial staff told the council the action replaces cash reserve accounts for two 2020 revenue bond issues with debt-service reserve surety policies, freeing money that had been set aside when the debt was issued. "That refunding released that reserve and now that and replaced it with the insurance," Finance staff said during the meeting.
The change follows a bond refunding the council authorized in May. Staff said the…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
