0196-25
Subject: Communication sponsored by Alder Horton, on behalf of the Finance Director, to approve a resolution authorizing the issuance and establishing the parameters for the sale of up to $17,000,000 of 2025 general obligation promissory notes dated March 17, 2025 to be used as a bridge loan for paying the cost associated with the construction of the Lincoln King Community Center Clinic as authorized by the Common Council via resolution 0683-24 on August 20, 2024. Recommendation of the Finance and Personnel Committee on 02-24-2025: To approve a presentation of sale results and related resolution authorizing the issuance and establishing the parameters for the sale of up to $17,000,000 of 2025 general obligation promissory notes dated March 17, 2025 to be used as a bridge loan for paying the cost associated with the construction of the Lincoln King Community Center Clinic as authorized by the Common Council via resolution 0683-24 on August 20, 2024. Fiscal Note: Short term note to cover construction costs before other funding sources are available. Estimated interest rate is 4.21% with payments due in the years 2026 through 2027.
- Committee
- Finance and Personnel Committee
- Introduced
- February 17, 2025
- On agenda
- March 4, 2025
- Passed
- March 4, 2025
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