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Council adopts capital-borrowing policy tied to equalized assessed value, replacing informal $2M guideline
Summary
Council voted to create a new ordinance linking annual capital borrowing to changes in the state's equalized assessed value, replacing a largely informal $2 million guideline; supporters said it adjusts capacity with real-world conditions while opponents urged caution about increasing borrowing.
The City Council on Nov. 3 adopted an ordinance creating a formal capital-borrowing policy that ties the city's annual borrowing level to changes in the state's equalized assessed value rather than the informal $2 million guideline used in recent years.
City staff said the proposal makes the…
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