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Council reviews ordinance to issue notes to refinance bonds and fund projects; staff says $1.8 million will fund construction
Summary
An ordinance to authorize federally taxable and/or tax-exempt general-obligation notes was presented to refinance 2015 and 2020 bond series and to fund capital projects; staff said restructuring limits debt extension to one year, keeps annual debt service near $7.5 million and will put $1.8 million into a construction fund available about June 30.
City finance staff presented an ordinance authorizing the issuance of one or more federally taxable and/or tax-exempt general-obligation notes to refinance the city's outstanding 2015 series C bonds, refund a portion of the 2020 series A bonds and fund capital projects, equipment and facility improvements.
A council member asked whether the ordinance's sections provide specific uses for sections 3, 4 and 5. The Chair…
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