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Lakewood council adopts bond-refunding ordinance expected to save about $153,000
Summary
Council adopted Ordinance 843 to authorize refunding up to $2.9 million of limited-tax general obligation bonds to refinance $2.7 million outstanding (Dec. 2024 bonds); staff said a minimum 2% net-present-value savings threshold—about $153,000—must be met before issuance.
The Lakewood City Council on Feb. 2 adopted Ordinance 843 authorizing limited-tax general obligation refunding bonds to refinance outstanding December 2024 bonds, with staff saying the target is at least 2% net-present-value savings.
Deputy City Manager Ms. Kraus explained the ordinance would allow the city to refinance about $2.7 million in outstanding bonds and that the refunding would only proceed if it produced at least a 2% net-present-value savings. "There's about,…
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