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Council discusses borrowing ordinance; final terms to be set before second reading
Summary
Council reviewed Ordinance 2023-05, the borrowing ordinance for Series A and B notes, heard that bond counsel will attend the second reading and was told that payment schedules and annual payment amounts remain to be finalized.
Lock Haven City Council discussed Ordinance 2023-05, the borrowing ordinance authorizing Series A and B notes, but did not adopt it at this meeting. Staff said Concord Public Finance ran the bidding process and reported competitive rates; the borrowing-rate range for the A notes was presented as 4.733% to 7.229%, with a similar spread for the B notes. Bond counsel "Jen Karen" from Eckerd Siemens and staff member Daryl Peck are expected to attend the second reading and the final adoption.
Council members raised questions about a specific section of the ordinance and a speaker asked that staff review concerns and circulate corrections by email. Staff told the council the final, official payment schedule and exact annual payment amounts would be completed by Concord Public Finance and included in the final adoption ordinance. No final vote occurred; staff said the ordinance would be dually advertised and posted on the city's website ahead of the second reading.
The council's direction: staff to finalize the missing payment details and coordinate with bond counsel for the upcoming session where final adoption will be considered.
