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City reports small repayment tied to 2019 fire bond timing; remaining funds available for engine
Summary
City Administrator Branden Dross told the Lafayette council that because bond proceeds from a 2019 sale were not fully expended by the 2024 deadline, interest must be repaid and staff made a payment of about $2,000; he said remaining funds can be used toward a new fire engine.
City Administrator Branden Dross told the Lafayette City Council on May 14 that a timing requirement tied to a 2019 bond sale required full expenditure of proceeds by 2024. Because that did not occur, a portion of interest must be repaid; staff recorded a payment of approximately $2,000 and said the remaining bond funds can still be used for a new fire engine.
Dross said the repayment obligation arose after consultation with bond counsel and that the payment must be made within 16 months. He described the payment as approximately $2,000 and confirmed the remaining funds’ eligibility for capital purchases related to the fire department.
The council discussed the matter as a budgetary and accounting item; no separate motion or additional appropriation was recorded at the meeting. Staff follow-up on the transfer and any required reporting was directed to the finance department and city administration.
