Refinance $146 million pension debt to eliminate costly interest rate swaps
In Plain English
The city owes $146 million from 2005 pension bonds that come with expensive interest rate swap agreements. One swap faces mandatory termination in August 2023, requiring a large termination payment. If approved, new bonds eliminate both swaps and extend repayment terms, potentially reducing annual payments but increasing total long-term cost.
Auto-generated summary. Source: official agenda documents.
Votes
ADOPT said resolution with the revision to the underwriter's fee as stated by Mr. Northcross
7 to 0
Community Discussion
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