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Council approves $945,000 bond anticipation notes after debate over late notice and bid overrun
Summary
Council voted to approve issuance and sale of $945,000 in notes to fund three trunk storm sewer projects after suspending rules; members criticized late notice and a $275,000 increase on one project’s cost.
The Mentor on the Lake City Council approved an ordinance authorizing the issuance and sale of $945,000 in bond anticipation notes to fund portions of three trunk storm sewer projects, but several councilors criticized the late timing of the paperwork and an unexplained $275,000 increase to the Southland Road project.
Why it matters: The notes finance major stormwater infrastructure — Lake Street, Pinehurst Street and Southland Road trunk storm sewers — and the council must act before the next meeting to meet funding deadlines. Members said they were surprised by…
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