Lake Elsinore Public Works Manager Rick DeSantiago, at right, accepts a proclamation from Mayor Timothy Sheridan declaring May 15-21 as “National Public Works Week.” Valley News/Courtesy photo
The May 10 Lake Elsinore City Council meeting included a joint business item seeking a resolution by the council to authorize the issuance of lease revenue bonds by the Lake Elsinore Facilities Financing Authority to finance a new city hall. A financial team report was presented by Michael Busch of Urban Futures Inc. and Tom Jacob of Stifel, the city’s underwriter.Busch said city staff has proposed the expansion of the existing city hall to address current needs and future growth demands of the city. Various funding options have been explored and lease revenue bonds were determined to be the most optimal method of financing. Due to the prospect of higher interest rates and rising construction costs, staff recommended the financing timeline be expedited in order to achieve the lowest
