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Holiday council approves master lease to enable up to $11.5 million in lease-revenue bonds
Summary
The council voted unanimously Sept. 18 to authorize a master lease with a newly formed Local Building Authority, creating bond security that allows the city to finance City Hall and Spring Lane improvements using up to $11.5 million in lease-revenue bonds.
The Holiday City Council voted unanimously Sept. 18 to approve a master lease agreement that assigns City Hall and the Spring Lane leasehold to a to-be-formed Local Building Authority (LBA) and authorizes lease-revenue bonds of up to $11,500,000.
City attorneys and bond counsel described the structure as a statutory financing mechanism in which the city leases the property to the LBA and the LBA subleases it back to the city. Counsel said the construct lets the city issue annual-appropriation lease-revenue bonds without classifying…
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