Council authorizes publication of notice to issue up to $2.1 million in bonds for Rotary Park

City Administrator Kevin Creech told the Trenton City Council on Feb. 10 that the city will publish a notice of intent to issue capital improvement bonds of up to $2,100,000 to cover the remaining costs of the Rotary Park project.

The move, approved unanimously, directs the city clerk to publish a display advertisement in the News Herald announcing the city’s intent, the purpose and security for the bonds, and the 45-day period within which electors may file a referendum petition. “This is to allow us to move the bonds as we discussed to pay for the balance of Rotary Park,” Creech said.

The council’s resolution states the $2.1 million cap includes issuance costs; the amount was increased from $2 million to $2.1 million to ensure the city nets at least $2 million for the project after paying issuance expenses. The resolution also declares the city may advance funds for project expenditures from available city funds and be reimbursed later from bond proceeds.

To comply with federal tax rules, the resolution makes declarations intended to satisfy the reimbursement requirements of Treasury Regulation 1.150‑2 under the Internal Revenue Code. It says the city reasonably expects to reimburse qualifying capital expenditures paid within the statutory look‑back period and that a written reimbursement allocation will be made no later than the regulatory deadlines described in the resolution.

City Administrator Creech told the council that contracts for the Rotary Park work have been signed and that construction is expected to begin in the coming weeks. After Creech presented the resolution, a motion to approve the publication of the notice was moved and supported; the council voted unanimously to adopt the resolution.

No referendum petition was filed at the meeting and no additional conditions were attached to the resolution.