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Staff urges caution on using 2021 bond proceeds while arbitrage is unresolved
Summary
City staff said arbitrage reporting for the 2021 bond is underway and advised not to spend roughly $340,000 currently shown as available until the arbitrage exposure is clarified; year-three calculations and an upcoming due date were cited.
Staff member said they had consulted with Timmy Humble of Northland Securities about arbitrage reporting for the 2021 bond and urged the council not to spend proceeds shown in the worksheet until the arbitrage position is clear. "So that 340,000 that is sitting here on news right now, we should not touch until we know if we have to pay on it," the staff member said.
Staff described the arbitrage process timing and said a payment risk could be assessed once reporting is completed; they will follow up with vendors and advisors in the next two to three weeks and report back before money is committed.
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