Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Eureka to seek $32 million in lease revenue bonds to fund operations complex, city hall and auditorium
Summary
Following a public hearing, the council voted to proceed with a plan to issue up to $32 million in lease revenue bonds through the Eureka Public Financing Authority to finance several capital projects; staff projected roughly $2 million in annual debt service and a 30‑year term, and counsel and a financial advisor described default safeguards and next steps.
Eureka — The City Council voted June 17 to move ahead with plans to issue lease revenue bonds, a form of revenue debt the city will issue through the Eureka Public Financing Authority (EPFA) to raise funds for the capital improvement program, including a new operations complex, city hall upgrades and municipal auditorium work.
Finance Director Laine Millar said the city is planning to issue about $32 million of bonds to fund projects in the city’s CIP. Using conservative market assumptions (5% interest in staff’s model), staff estimate net proceeds of roughly $29.7 million after an approximately $2 million reserve; the bonds would carry a 30‑year term. Estimated…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
