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Willard approves resolution declaring intent to use Certificates of Participation to reimburse project costs
Summary
Council approved a resolution declaring the city’s official intent to use Certificates of Participation (COPs) to reimburse eligible project costs, with staff referencing a contingency of up to $1,500,000; the measure does not commit to borrowing but authorizes the reimbursement pathway.
The Willard Board of Aldermen approved a resolution declaring the city’s official intent to reimburse eligible project expenditures with proceeds from Certificates of Participation (COPs).
Staff said the action would not commit the city to immediate borrowing but would permit the city to proceed with certain project expenditures and later use COP proceeds to reimburse those costs when financing is executed. During discussion, staff cited a contingency amount “up to $1,500,000” as a working figure for potential reimbursement needs, and emphasized that actual borrowing and interest-rate terms would be determined later.
The resolution was moved, seconded and approved on a voice vote. City staff said the resolution paves the way for project work and allows the city to advance eligible expenditures without waiting for the COP sale, but it does not obligate the city to complete a financing.
