City continues to pay off certificates used to finance USOC deal

The city is making payments owed on $31.47 million in certificates of participation issued in October 2009 to finance the USOC incentives package.

Certificates of participation, or COPs, are a form of borrowing that don’t require voter approval.
Excluding the initial first-year payment of $74,234, the average annual payment through 2039 is $2.15 million.

“The City has made all its required payments on schedule,” the city’s Communications Office said Friday in an email.

Total payments over the life of the bonds is nearly $65 million, including $33.17 million in interest.

The city used the police headquarters building on South Nevada Avenue and Fire Station 8 as collateral for the bonds.