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City finance director says $30.1M bond measure spreads a state loan due March 3 over three years
Summary
Acting Finance Director Benjamin Guzman told the council a $30.1 million refunding bond would be issued as a three‑year bond anticipation note to avoid raising taxes next year; residents raised alarms about long‑term borrowing and budget deficits.
During the Feb. 18 public hearing on a refunding bond ordinance, residents pressed officials about the city’s fiscal position and asked whether the proposed $30,100,000 borrowing was the same $30 million the mayor had referenced in public statements.
Benjamin Guzman, the acting finance director, said the borrowing is intended to pay back a state loan due on March 3. “We are doing a three‑year bond anticipation note to be…
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