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Council approves escrow agreement tied to $8.67M issuance
Summary
The council approved an escrow agreement pursuant to Ordinance 1025-1 to authorize issuance of the $8,670,000 Certificate of Obligation; the motion passed 4–0 (mover: Klay Gilbert; second: Robert Sharp).
Following adoption of the ordinance authorizing the $8,670,000 Certificate of Obligation, the Lindsay City Council approved an escrow agreement pursuant to Ordinance 1025-1 to facilitate the issuance. The motion to approve the escrow agreement was moved by Klay Gilbert, seconded by Robert Sharp and carried 4–0.
The transcript records the approval but does not include the escrow agreement’s detailed terms; staff are expected to finalize and execute the agreement with the depository bank and return executed documents to the council.
