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Staff briefs finance committee on annual tax‑abatement ordinances for city bonds
Summary
Committee received an informational memo explaining the annual practice of passing ordinances to abate property-tax levies that would otherwise pay debt service on the city’s general‑obligation bonds; staff listed bond series, the funds proposed to make debt service payments and tentative ordinance dates in mid‑November and December 2025.
Committee members were given a staff memo explaining why the city annually passes ordinances to abate property‑tax levies that would otherwise be collected to pay general‑obligation bond debt service. The presenter explained that when general‑obligation bonds are issued the county levies the required annual debt service on property-tax bills, and by passing an abatement ordinance the city cancels that…
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