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Lindsay council moves to publish notice to issue $8.67M for sewer improvements
Summary
The Lindsay City Council directed publication of notice to issue $8,670,000 in Combination Tax and Surplus Revenue Certificates of Obligation to fund sewer system improvements; Hilltop Securities staff warned rates may change from the current 2.88% and noted $80,000 of the issue would carry 0% interest.
The Lindsay City Council on Aug. 12 voted unanimously to direct publication of a notice of intention to issue $8,670,000 in Combination Tax and Surplus Revenue Certificates of Obligation to provide funds for sewer system improvements.
Marti Shew of Hilltop Securities briefed the council on market conditions, saying, "The current rate is 2.88% interest but can change since the market fluctuates. Of the bond requested $80,000 would be at 0% interest." The resolution to publish notice passed 5-0 (mover: Klay Gilbert; second: Robert Sharp).
The council’s action begins the formal process that typically leads to sale of the certificates; Shew noted interest rates are subject to market movement. No ordinance number or final sale date was specified at the meeting.
