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Pittsburg Commission approves up to $6 million industrial revenue bonds for Washington School Project
Summary
On Nov. 12 the Pittsburg City Commission approved Ordinance S 11 12 to authorize taxable industrial revenue bonds (Series 2025) not to exceed $6,000,000 for the Washington School Project; bond counsel said the city is a conduit issuer and the Washington School, not the city, is responsible for debt service; the tax abatement runs 10 years and takes effect in 2026.
The Pittsburg City Commission on Nov. 12 approved Ordinance S 11 12 authorizing the city to issue taxable industrial revenue bonds (Series 2025) in an aggregate principal amount not to exceed $6,000,000 to finance the Washington School Project.
JT Klaus, bond counsel with Spencer Fane, told the commission the financing is a conduit, ‘‘special revenue bond’’ under which the Washington School will site‑lease the property to the city…
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