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Council authorizes up to $140M in lease revenue bonds for new Public Safety Building; opponents urge alternatives
Summary
City council authorized the Capital Improvements Financing Authority to issue lease revenue bonds not to exceed $140 million to help finance a projected $189 million Public Safety Building that will replace older city facilities and house the Emergency Operations Center; the vote followed a lengthy legal disclosure briefing and robust public opposition urging investment instead in housing and social services.
The City Council voted to authorize the issuance of lease revenue bonds with a not‑to‑exceed principal of $140 million to finance the city’s planned Public Safety Building, approving related financing documents and a preliminary official statement after a federal securities‑law briefing and extensive public comment.
Bond counsel Chris Lynch opened the item with a mandatory review of issuer responsibilities under federal securities laws, emphasizing the obligation to disclose material facts to investors and summarizing lessons from earlier municipal enforcement actions such as Orange County and San Diego. Lynch urged staff and elected officials to ensure the official statement and agenda report describe any material facts a reasonable investor would rely on.
Finance staff and the municipal advisor (Urban Futures) presented a financing plan to generate roughly $138 million in…
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