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Council approves lease revenue bond package to fund new police headquarters; $30M par, up to $35M cap
Summary
The Indio City Council on Aug. 20 authorized the Indio Public Financing Authority to issue lease revenue bonds to finance a new police headquarters at the city’s Public Safety Campus, approving related documents and a financing structure for construction funding.
The Indio City Council on Aug. 20 authorized the issuance of lease revenue bonds to finance a new police headquarters on the city’s Public Safety Campus and approved related bond documents through the Indio Public Financing Authority.
The council voted 5‑0 to adopt the city and IPFA resolutions that permit issuance of lease revenue obligations in an amount not to exceed $35 million; staff estimated a par bond amount near $30 million with additional premium and a construction‑period capitalized interest account. City Manager Brian Montgomery, Finance Director Ruby Waller and municipal financial advisors described a tax‑exempt, fixed‑rate structure with an estimated market interest rate of roughly…
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