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Hopewell council approves $15 million capital financing to address roofs, HVAC, pump stations and other projects
Summary
The Hopewell City Council approved an ordinance and bond resolution to pursue up to $15 million in tax-exempt financing for capital improvements, setting parameters for interest and repayment and listing eligible projects including roofs, HVAC, sewer and river wall work. Both votes passed 6-0.
The Hopewell City Council voted unanimously to authorize the city to pursue up to $15 million in tax-exempt financing for capital projects, approving both the second-reading ordinance and a detailed bond resolution by separate roll calls.
Bond counsel Chris Culp told the council the ordinance authorizes issuance of debt and the resolution sets parameters — maximum principal, a cap on interest (a not-to-exceed rate included as 6 percent in the resolution), final maturity and the delegation of final terms to city staff and the mayor. Financial advisor Jimmy Sanderson said the current market rate was below…
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