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Council approves Harbor Department bond refunding action to lock favorable rate
Summary
Council approved findings and authorized the Harbor Department bond refunding/negotiated sale so the department could lock a favorable interest rate; vote was unanimous (10 ayes) on findings and approval
The City Council on June 13 approved findings and authorized the Harbor Department to proceed with refunding 1995 Series B bonds and a negotiated sale of refunding bonds, enabling the department to lock in a favorable interest rate, the city attorney and council said.
City Attorney staff noted the Harbor Commission had acted earlier that day; the Council voted to make the required findings that the need to act arose after the posting of the agenda and that immediate action was necessary. Councilmember Savornich moved approval, explaining the goal was “to lock in a favorable interest rate today.” The roll call showed 10 ayes on the motion to approve the transaction.
Staff asked that the ordinance be carried and the council confirmed the item was approved and the matter would be finalized in the usual ministerial steps, including placing the approval on the appropriate ordinance calendar.
