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Committee approves ordinance authorizing $7.5 million in general obligation alternate bonds to finance capital improvements
Summary
Boone County committee approved Ordinance 25-09, authorizing issuance of $7.5 million in general obligation alternate bonds as a preliminary step in the county’s bond issuance process.
Boone County’s Committee of the Whole voted to approve Ordinance 25-09, authorizing the issuance of $7,500,000 in general obligation alternate bonds to finance capital improvements and to complete required pre-sale steps.
Carl Johnson moved and Marian Thornberry seconded the motion to approve the ordinance. Becky, the county administrator’s financial presenter, told the committee this ordinance is an early step in the bond issuance process and that additional documents and steps — such as a certificate of determination, public hearing and certified board minutes — must be completed before the county can sell bonds. The committee approved the ordinance by voice vote.
The county packet included a letter from bond counsel (Mike Meltzer) outlining the procedural steps required before sale; the ordinance itself establishes the county’s authority to issue the bonds for capital projects pending those subsequent steps.
The approval does not itself authorize immediate sale; staff said the item is part of the standard sequence of actions required to issue general obligation debt for capital improvements.
