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Council directs publication of notice to issue up to $15.7 million in certificates of obligation; one councilmember objects
Summary
The Josephine City Council voted July 14 to direct publication of a notice of intent to issue up to $15.7 million in combination tax and revenue certificates of obligation to finance utility and drainage capital projects.
The Josephine City Council on July 14 directed staff to publish formal notice that the city intends to issue up to $15.7 million in combination tax and revenue certificates of obligation to fund utility system and drainage improvements.
Hilltop Securities, the city's financial adviser, presented a financing plan that splits the proposed program into a debt service portion backed by property tax (for drainage) and a utility‑fund portion (for water/wastewater projects). Hilltop modeled a par amount near $15.485 million structured as a 25‑year fixed‑rate…
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