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Council authorizes up to $26 million bond issuance to assist Knox College
Summary
On final reading the council approved a bond ordinance authorizing up to $26 million in bond issuance to help Knox College refinance debt and fund campus projects; staff said the city will have no repayment liability under the agreement.
Council approved a bond ordinance authorizing issuance of up to $26,000,000 in bonds to assist Knox College in refinancing existing debt and undertaking capital projects. Staff told the council the issuance is a common home-rule exercise and that the city will have no liability for bond repayment.
"The city has 0 liability or obligation associated with repayment of the bonds nor any control over the use of their proceeds," staff said, adding that Knox will pay fees incurred by the city's bond counsel and financial advisor under the parties' agreement. Council members expressed support, noting Knox’s contribution to the community and the potential for campus reinvestment.
Council approved the ordinance on final reading by recorded vote. Several members encouraged Knox representatives present for their work and asked staff to monitor ancillary issues such as campus lighting and safety.
