Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Capital Projects Finance topic
No spam. Unsubscribe anytime.
Maryville to close bond sale to fund Whitcomb Street, fire station and paving; ordinance 25-26 passes first reading
Summary
Council members said the town will close a bond sale on Sept. 16 to fund three projects (Whitcomb Street, a new fire station and a paving program); Council also approved first reading of Ordinance 25-26 to transfer $70,000 into the redevelopment general fund.
Town officials reported the bond sale for financing three capital projects is scheduled to close on Tuesday, Sept. 16, and the proceeds will fund Whitcomb Street, a new fire station and the second half of the townwide paving program.
Council members said documents related to the bond sale have been signed and pricing completed; the clerk-treasurer and town staff confirmed that funds will be available after closing. Separately, council members reported the town has accepted a six-acre donation in the town's name intended for the new fire station; design drawings for the station have been submitted to fire chiefs for review by American Structure Point.
On the council's consent items, the clerk-treasurer reported recent cash receipts in the food and beverage tax: $155,945.19 was received, bringing the food-and-beverage fund total to $22,245,218.48. The clerk also reported the town's total cash balance across accounts is $46,470,780.73; council members noted these balances include obligated amounts.
Council then approved Ordinance 25-26 on first reading, an ordinance to restore and appropriate undesignated, unreserved cash to the redevelopment general fund for unplanned costs; the ordinance lists a total of $70,000. The ordinance passed first reading by roll call and will return for subsequent readings as required by town ordinance procedure.
