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Virginia City reviews debt strategy after S&P downgrade and launches long-term planning
Summary
Council heard from municipal advisors Baker Tilly and underwriter Northland Securities on how different debt structures and market choices affect the city's credit profile; consultants outlined options and Baker Tilly said it will deliver a multi-year financial model with policy recommendations.
Virginia City council members spent much of Tuesday's meeting probing how the city's borrowing decisions and bond portfolio affect its credit rating and borrowing costs.
Steve Scharf of Baker Tilly, the city's municipal advisor, told the council his firm acts as a fiduciary "to the city," advising on debt issuance, debt management and post-issuance compliance. Scharf explained there are multiple types of municipal obligations'including general obligation bonds and revenue-secured bonds (utilities, sales tax, tax increment)'and described how those repayment sources interact with any general obligation pledge.
George Eilertson of Northland Securities described…
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