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Sunnyvale finance staff outlines $36M bond proceeds and five-year capital plan
Summary
Finance staff told council the town received about $36 million in bond proceeds and outlined planned allocations (approximately half to utilities and substantial portions to 4B and TERS-supported projects); staff said the bonds were issued at a discount and pledged a corrective letter to fix an omission in the notice of intent.
Finance staff reported that Sunnyvale received roughly $36,000,000 in bond proceeds on Oct. 15 and described the initial allocation and debt plan going forward.
The finance director said the bond proceeds were issued at a discount, reducing repayable principal to about $33,800,000. "So we got $36,000,000 and we're…
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