Interim financing for police building authorized

Terry RogersGovernment, Headlines

Milford City Council approved interim financing for the new police facility in order to minimize costs. According to Lou Vitola, City Finance Director, the financing plan for the facility included a period of debt-reimbursable cash financing followed by a period of interim, short-term financing known as Bond Anticipation Notes (BAN) before permanent financing was secured. “The question is when to …