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City finance advisers recommend public sale to refinance interim borrowing, seek modest savings on 2016 bonds
Summary
Financial advisers told council Lynchburg has about $57 million in interim financing that needs permanent financing this summer and recommended a public sale (April 21 target) and refunding of certain 2016 bonds with projected net present value savings of about $466,000 (3.22% NPV).
Financial advisers and city finance staff briefed the committee on plans to permanently finance interim borrowing and to pursue a refunding of a portion of the 2016 bond issue.
Advisers said the city has drawn roughly $57 million under an interim program begun in 2023, of which about $22 million is tax‑supported and approximately $35 million is utility‑related. The advisers recommended a competitive public sale (target date April 21)…
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