Finance committee approves renewal of up-to-$5.37 million parking-garage notes; issuance will remain callable
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Summary
Committee approved an ordinance to renew notes not to exceed $5,370,000 for a parking garage, with staff noting the plan to roll the note for another year and consider permanent bonding next spring.
The City of Newark Finance Committee on Sept. 2 approved an ordinance to renew notes of up to $5,370,000 previously issued to pay part of the cost of acquiring, constructing, improving and equipping a parking garage. The committee approved the emergency declaration and the renewal by unanimous voice vote.
A finance presenter said the administration intends to roll the note for another year and make it callable at six months. The presenter explained that staff may evaluate issuing a permanent bond in March but concluded that rolling the short-term note now is more cost-effective than bonding at this time because bonding now could require repeating the ratings call next spring.
The motion to approve the ordinance was made by Hauser and seconded by Barker; the committee passed the measure 5-0. The presenter described the renewal as a one-year renewal with a call provision and noted that staff will reassess permanent bonding in the coming months.
No public comment opposing the measure was recorded during the committee session. The ordinance will proceed to full council for final adoption and any further bond/notes actions.