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City hears proposal to pursue up to $10 million in general-obligation debt using insured bonds
Summary
Financial advisers presented a plan to underwrite up to $10 million in general-obligation bonds using an insurer-backed structure that could rely on unaudited financials for underwriting; council gave direction to proceed with due diligence and public-hearing scheduling.
Debborne Company, the city’s financial advisor, summarized options for addressing urgent capital needs and presented a path to borrow $2 million, $5 million or $10 million in general-obligation bonds. The firm said discussions with traditional lenders suggested concessions that were unfavorable; an alternative approach offered through Cruz and Associates (R.T. Taylor) could underwrite a bond sale using…
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