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Markham council approves up to $15 million in refunding bonds
Summary
The Markham City Council unanimously adopted Ordinance 26-O-2429 authorizing issuance of up to $15,000,000 in general obligation refunding bonds to refinance outstanding city debt. Council voted 4-0 to adopt the ordinance.
The Markham City Council on Jan. 21 adopted Ordinance 26-O-2429 authorizing the issuance of not-to-exceed $15,000,000 in General Obligation Refunding Bonds to refund outstanding city obligations. The motion to waive the 48-hour reading and to adopt the ordinance carried on a 4-0 roll-call vote.
City leaders framed the action as part of broader fiscal management. Mayor Roger Agpawa highlighted the output of recent actions, saying, "It shows we're being fiscally responsible." The ordinance text authorizes the levy and collection of a direct annual tax sufficient to pay principal and interest on the bonds and authorizes the sale of the bonds to a purchaser.
The measure passed unanimously; the council did not discuss an alternative funding source during the public meeting. Next steps include any administrative steps to finalize the bond sale and scheduling any required post-sale reporting.
