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Bellevue Council waives readings, approves up to $5M highway allocation pledge bonds
Summary
The council suspended the three‑reading requirement and approved Ordinance No. 4,204 to issue up to $5 million in highway allocation fund pledge bonds to reimburse street improvements, with bond counsel and underwriters citing market timing and a 6‑year repayment plan expected to save roughly $520,000 in interest versus a 10‑year schedule.
The Bellevue City Council on Feb. 17 voted to waive the three‑reading rule and adopt Ordinance No. 4,204, authorizing highway allocation fund pledge bonds, series 2026, in a principal amount not to exceed $5,000,000 to pay for certain street improvements.
Bond counsel Mike Rogers of Gilmore & Bell told the council that the primary rationale for suspending the three‑reading rule was timing: "the rationale for waiving the 3 readings is to allow the city and... the city's underwriter and me as bond counsel to move forward with, pricing the bonds at an advantageous time for the city,"…
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