Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Board approves $6 million interim financing, accepts treasurer’s report
Summary
The board approved entering a $6,000,000 interim line of credit to cover short-term payments until bond proceeds are available, approved the treasurer's report showing an ending balance of $11,140.68 and authorized payments and signature on a separate arena-related agreement.
The board voted to enter a $6,000,000 interim line of credit with an entity referred to in the meeting as "ShareTrust" and accepted the treasurer’s report showing an ending balance of $11,140.68.
The action came as board members discussed short-term cash needs while they continue to market bonds to investors. Treasurer Dan Holder said the proposed loan would be interim financing and would be repaid from the proceeds of the pending bond sale once those bonds fund.
Dan Holder, Treasurer, said, "This loan would be paid off with interest at the funding of the bonds." He described the loan as interim, not term debt, and said attorneys were drafting the loan document. Holder asked for a motion to proceed so staff could advance a payment that would otherwise be due before the next…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
