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Vallejo directs staff to seek talks with US Bank about releasing encumbered assets to expand financing options
Summary
Council authorized staff and municipal advisor KNN to open negotiations with US Bank about partial release of properties encumbered under the city’s master lease, and asked staff to include a budget request for a five‑year financial plan and research into energy partnerships to inform possible financing for a new police headquarters and other capital projects.
Vallejo city staff and municipal advisor KNN presented a review of the city’s general‑fund supported debt on Jan. 28 and asked the City Council for direction on next steps to finance a proposed police headquarters and other large capital projects.
Melissa Shick of KNN told the council that about $30 million of general‑fund supported debt remains outstanding and that roughly 80% of that amount is tied to a US Bank (formerly Union Bank) loan that resulted from the city’s 2011 bankruptcy refinancing. She noted the remaining tranche carries a favorable fixed rate (1.625%) but…
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