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Board authorizes negotiated‑sale option for Prop A bond series and short‑term notes amid market volatility
Summary
Citing turbulent municipal markets, staff asked the board to authorize the option of a negotiated sale (in addition to a competitive auction) for a $150M Prop A bond series B and a short‑term tax‑revenue anticipation note; board approved authority to proceed to give the district flexibility on timing and underwriter selection.
District finance staff asked the board to authorize two financing actions designed to keep capital projects on track and maintain cash flow: a long‑term issuance of approximately $150 million under the 2006 Proposition A authorization (series B) and a short‑term tax‑revenue anticipation note (TRAN) of up to about $75 million.
Staff…
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