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Owensboro approves redemption of $470,000 RiverPark portion of 2013 bonds
Summary
The commission approved Municipal Order 22-2024 to redeem $470,000 of the city—s 2013 general obligation bonds using monies from the River Park Center, a companion action tied to the city's assumption of management of the Turley Building.
The Owensboro Board of Commissioners voted Aug. 6 to approve Municipal Order 22-2024, authorizing the payment, redemption and discharge of $470,000 of the city's general obligation bonds (series 2013B) related to the River Park Center.
Clerk read the municipal order and the city manager explained the action is connected to a May 7 decision to amend the lease with the RiverPark Center and remove the Turley Building from RiverPark management. The city assumed management of the building and, together with county partners, provided funding to help retire related debt.
"This municipal, for your consideration, will redeem or pay off the River Park's portion of that debt from that 2013 bond," the city manager said, describing the debt retirement as a companion action to the city retaking the Turley Building and saying the action is intended to better position the River Park Center for a sustainable financial future.
A commissioner moved approval; the motion was seconded and carried by voice vote.
The municipal order also authorizes deposit of monies received from the RiverPark Center into the series 2013B bond payment fund and authorizes the mayor to execute related documents necessary to effect the redemption.
No additional fiscal figures were provided in the meeting beyond the $470,000 redemption amount and references to prior appropriations and reimbursements tied to the Turley Building transition.
