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Council unanimously approved Ordinance 74-81, amending terms for $2,721,000 in renewal notes tied to retiring earlier notes used for acquiring and preparing property for urban redevelopment. The notes may mature within one year, can be redeemed early at par plus accrued interest, and take effect immediately.
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The action updates the City's short-term financing for property acquisition and redevelopment costs. The notes can be paid off early, and their final maturity must be no later than one year after issuance. During discussion, the Auditor said the notes were callable at any time; the minutes do not state the final interest rate or whether the City would ultimately issue bonds.
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