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Committee Advances $45M Lease-Revenue Bond Ordinance for Park Projects, Pauses Vote Pending Legal Clarification
Summary
A committee approved sending forward an ordinance authorizing up to $45 million in lease-revenue bonds to finance park projects, after asking the City Attorney to clarify limits on using park land as collateral. The deputy city attorney said a trustee would operate facilities in default but the assets would remain city property.
The Government Audit and Oversight Committee advanced an ordinance authorizing the issuance and sale of lease-revenue bonds, not to exceed $45 million, to finance a set of park and recreation projects while pausing final action until legal questions about collateral were answered.
Unidentified finance staff outlined the proposal, saying gross proceeds are expected to be about $43 million and estimating a true interest cost around 4.8%. The staff noted that projects…
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