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NOTE 18 — SUBSEQUENT EVENTS <br />On April 24, 2012, the city sold $7,320,000 Taxable General Obligation Tax Increment Bonds, Series <br />2012B to provide financing for a 230 -unit market rate apartment complex known as the Residence at the <br />COR. The bond is structured so that debt service payments begin in 2015. The three -year date is to <br />coincide with a three -year take -out clause in the loan agreements with the developer - Flaherty & Collins. <br />On May 8, 2012, the city sold $16,875,000 General Obligation Capital Improvement Plan Bonds, Series <br />2012A to refund the $19,200,000 Public Project Lease Revenue Bonds, Series 2005A. The city is <br />refinancing the debt related to the municipal center construction, earlier than the December 2014 call <br />feature, to take advantage of interest rate savings and to bring the annual debt levy to a more manageable <br />level of $1.1 million versus the current $1.5 million <br />86 <br />