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Erie council approves resolution to preserve future reimbursement for project costs via COPs
Summary
Council approved a resolution declaring intent to reimburse qualifying project expenditures with future certificates of participation (COPs); staff emphasized the resolution does not appropriate funds or issue debt now and cited a $50 million placeholder advised by underwriters.
The Town Council approved a resolution Oct. 14 declaring the townintent to reimburse certain construction and project expenditures from future certificates of participation (COPs) if the town elects to use that financing. Town finance staff said the resolution does not appropriate funds or issue debt now; it simply preserves the option to reimburse eligible contracts once COPs are issued.
Director of finance Sarah…
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