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Mount Clemens commission approves bond refunding, lot sale, moratorium extension and modest election-pay increases
Summary
The commission authorized a general-obligation refunding of 2003 parking bonds expected to yield about $150,000 net-present-value savings, approved the sale of two vacant lots, extended a medical-marijuana moratorium 180 days, raised election-worker pay slightly and approved routine invoices and the consent agenda.
The Mount Clemens City Commission approved several routine and financial items during its meeting, including a resolution authorizing issuance of general obligation limited-tax refunding bonds intended to refund parking-improvement bonds issued in 2003.
City administration told the commission the refunding would not extend the bonds' original maturity date (07/01/2023) and, based on preliminary market assumptions, could yield net-present-value savings of roughly $150,000 over the remaining life of the obligation. Bond-placement adviser Mike Ormele estimated annual net savings of about $20,000 to $25,000 under a roughly 2.5% market rate scenario; bond…
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