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Council approves lease‑purchase addendum to close maturing credit line; staff says millage will stay below 16.5 mills
Summary
Council approved a resolution authorizing an addendum to a lease‑purchase agreement to close out a maturing credit line and to authorize city officials to execute documents; staff said bond proceeds will be used and millage will not exceed 16.5 mills.
The Moore City Council approved a resolution authorizing an amended addendum to a lease‑purchase agreement and directing city officials to execute related documents, a staff presenter said on Dec. 16. The item — described as a companion to a similar authority item — is intended to close out a maturing credit line using bond proceeds.
Staff told the council the amortization schedule shows how bond proceeds will be used for payments and that the transaction is not expected to push the millage rate above 16.5 mills. Staff mentioned that Chris Gander and Terry Hawkins were present to answer questions. On a motion and second, the council approved the resolution by roll-call vote.
A related companion resolution (listed later on the Economic Development Authority agenda as resolution 2924) received companion approval during the authority meeting and was also carried by roll-call vote.
