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Council approves reallocation of $2.35 million in unspent bond proceeds
Summary
By roll-call vote the Revere City Council approved moving $2,347,983 in unexpended bond proceeds into accounts to fund recent capital items, a move staff said will avoid issuing new debt.
The City Council voted to approve the reallocation of $2,347,983 in unexpended bond proceeds to cover recent capital items, a measure city finance staff said will reduce the need to issue additional debt.
Richard Viscay, city CFO, told the council the transfer would "help us tremendously and avoid us from issuing more costly debt since we have that cash sitting in accounts right now." The hearing included no proponents or opponents beyond staff testimony.
The matter was presented as a public hearing and approved by roll-call. The clerk called each councilor's name and recorded the vote; the order was approved as presented.
Next steps: Finance staff will execute the appropriation and adjust capital-account budgets as needed to apply the transferred proceeds to identified capital items.
