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Seminole State foundation seeks city conduit for refinancing of Ryan Crawford Sports Complex
Summary
Seminole State College Foundation asked the council to act as conduit issuer for taxable-to-tax-exempt refinancing of the sports complex debt. Foundation and advisers said the pledge would be low-risk to the city because debt service would remain the foundation's responsibility.
The Seminole State College Educational Foundation asked the City of Seminole to consider acting as conduit issuer to refinance debt on the Ryan Crawford Sports Complex, foundation members and financial advisers told the council.
Foundation representatives and financial adviser Randy Nelson presented a plan to refinance existing obligations through a public trust or other city-affiliated authority. The proposal would move the foundation's current taxable loan to tax-exempt conduit bonds, lowering the foundation's annual debt service and freeing…
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