Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Council approves warrant financing designation and issues warrants for two claims totaling about $44.3 million
Summary
Council designated 1st Interstate Bank as a warrant lender and approved issuance of two warrants: $323,403.77 to Lehi LLC and $44,004,447.77 to Paulson Inc., referencing ordinance procedures for warrant financing.
The council approved a resolution designating 1st Interstate Bank as a warrant lender and authorizing execution of a warrant purchase agreement that incorporates terms from ordinance 3874 on warrant financing. A motion to approve the resolution carried on the council floor.
Council then adopted a resolution authorizing issuance of two warrants to pay approved claims: $323,403.77 to Lehi LLC and $44,004,447.77 to Paulson Inc. A council member moved approval of the warrants and the council voted to adopt the resolution. The amounts and reference to ordinance 3874 were read into the record during the item.
