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Finance director outlines bonding options; model shows roughly $17 million capacity under current assumptions
Summary
Township finance director Lorna Nancherini briefed the DDA on municipal bond mechanics, advisory roles, IRS timing rules and a modeling example that showed about $1.2 million in annual debt service could support roughly $16.97 million in project financing under a ~3.5% interest scenario.
Lorna Nancherini, Cascade Charter Township’s finance director, gave a detailed primer on municipal bonds and how the DDA might pay for the Tassel Park and related work.
Lorna explained bonds as a series of IOUs sold to investors, then walked the board through the advisers and steps needed for an issuance: bond counsel to provide legal opinions, a financial adviser to act as the DDA’s fiduciary, rating agencies (Standard & Poor’s, Moody’s), and an underwriter or underwriters to purchase and re-sell the issue.
Using the DDA’s numbers, Lorna presented three scenarios…
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