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Council advances lease‑revenue bond ordinance for Park Place and Jefferson Park to second reading
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Summary
The council voted to move to second reading an ordinance authorizing up to $45,000,000 in lease‑revenue refunding bonds for the Park Place and Jefferson Park projects, after a staff reading of the ordinance title and scope.
The South Charleston City Council voted to advance to a second reading an ordinance authorizing the refunding of lease‑revenue bonds issued by the South Charleston Municipal Building Commission for the Park Place and Jefferson Park projects.
A city staff member read the ordinance title and summary, saying the ordinance would authorize issuance of one or more series of lease‑revenue refunding bonds for the Park Place and Jefferson Park developments in an aggregate principal amount not to exceed $45,000,000 and would authorize related documents and actions to finance construction, improvement, equipping and reimbursement of prior expenditures.
The presiding chair asked for a motion to pass the ordinance on to a second reading; a motion and a second were recorded and the council approved the motion by voice vote with 'aye' responses. The council did not discuss changes to the ordinance on the record during this meeting.
The move to a second reading leaves substantive review and any amendment for a later meeting; the ordinance as read would permit the city to enter into lease‑purchase contracts and to execute related financing agreements if the ordinance is adopted in later actions.
