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Council updates bond-refunding authorizations to reflect amended loan agreements
Summary
Council approved two resolutions to update prior bond-refunding authorizations after bond counsel requested technical edits and to reflect the actual loan amount on one project.
The council approved two related resolutions that update language in earlier bond-refunding authorizations at the request of bond counsel. Paula (staff, on Zoom) told the council bond counsel asked the city to include the original effective date and to remove specific project detail in one of the whereas paragraphs to provide clear authority for refunding each loan.
Paula said in one case the city had originally been approved for funding up to $985,000 but ultimately borrowed $773,084; the amended resolution reflects the executed, amended loan agreement. Council approved the updates unanimously.
