Summary
To: Mayor and Commissioners
From: Christine Torok
Date: 9/30/2019
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Subject:
Title
First Reading of Ordinance 527 - Approval of Bond Financing
Summary:
This ordinance is the enacting ordinance to allow the subsequent borrowing resolutions to be approved. Article 2.11(a) of the Charter requires Commission authorization.
End
Body
Previous Commission Action: The Commission previously approved the 2012 revenue bond. Both the Commission and the Finance Board have discussed refinancing the current bond and borrowing additional funds for capital improvements which will also achieve significant debt service savings.
Background/Problem Discussion: N/A
Expenditure Challenges N/A
Financial Implications: N/A
Recommendation: Staff recommends approval
Proposed Motion I move approval of Ordinance 527 on first reading.