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Palm Coast Council authorizes up to $330 million in utility bonds amid resident calls for transparency
Summary
Council unanimously approved a supplemental resolution authorizing up to $330 million in utility system refunding and revenue bonds to finance major water and wastewater projects and possible refunding of 2021 debt. Residents asked for publication of legal opinions, the feasibility study and project lists before final closing.
Palm Coast City Council on Tuesday approved a supplemental resolution authorizing the issuance of utility system refunding and revenue bonds not to exceed $330,000,000 to finance capital improvements to the city’s water and wastewater systems and to potentially refund a portion of previously issued debt.
Chris Rowe, bond counsel, told council the resolution sets parameters for a publicly offered transaction — describing limits on the principal amount, maximum maturity (30 years) and constraints that any refunding must produce net savings. "A bond issuance is merely just borrowing money," Rowe said, adding that the supplemental resolution approves form documents that will…
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