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Council hears updated timeline for proposed revenue bond financing and next steps
Summary
Financial advisor Paul Phillips reviewed the timeline and process for proposed revenue bonds to fund improvement projects, including projected insurer and rating steps, a June 9 offering document, a June 17 bond ordinance (with emergency clause and three readings) and a July 22 closing for construction funds.
City financial advisors and bond counsel briefed the Jonesboro City Council on June 3 about the process and timetable for proposed revenue bond financing to fund capital improvement projects.
Paul Phillips of Cruz and Associates summarized the planned timeline: secure a commitment from a credit enhancer (he cited Assure Guarantee) to pursue an expected AA credit rating; prepare and distribute a final offering document around June 9; solicit investor feedback for roughly one week; and return to the…
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