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Willows reviews long‑term debt profile and cash investments; Umqua loan payoff imminent
Summary
Staff said the Umqua Bank gap loan (originally $1.4M) will be paid off this fiscal year, freeing roughly $87,000; CalPERS pension obligation bonds and an $8.9M sewage COP remain significant liabilities.
Staff presented the city's long‑term debt and investments. Attachment materials show the Umqua Bank gap loan — originally $1.4 million — will be paid off this fiscal year; staff said closeout documents were received and the payoff will free approximately $87,000. Staff reported a CalPERS pension obligation bond outstanding of roughly $6.4 million and a sewage certificate of participation (COP) of about $8.9…
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