Receive update on refinancing $130 million pension debt from 2005
In Plain English
The city borrowed $130 million in 2005 to pay pension costs and must refinance this debt by 2034. A complex financial contract tied to this debt faces mandatory termination in August 2023, which could cost the city $22 million. Staff will present refinancing options to minimize costs and risks.
Auto-generated summary. Source: official agenda documents.
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