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