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Council hears plan for $4.3 million nonrecourse revenue bonds for Canal Heights infrastructure
Summary
Staff presented ordinances to authorize $4.3 million in revenue bonds tied to a Canal Heights TIF; city stressed the bonds are nonrecourse and do not count as city debt.
City staff presented companion ordinances authorizing up to $4.3 million in revenue bonds to finance public infrastructure at the Canal Heights development and described the legal mechanics of the proposal.
Aaron, the city—s planning/engineering presenter, said the bonds would be issued as revenue bonds and observed that they are nonrecourse to the city: the bondholders are secured by the pledged TIF revenue and would pursue remedies against the…
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