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Pontiac council votes to seek bonds for youth recreation center, sets $20 million notice of intent
Summary
The City Council voted April 1 to initiate a notice of intent to issue up to $20 million in tax-exempt bonds to help finance a planned youth recreation center; the council also adopted a procedural amendment earlier in the meeting to set the notice date to April 1.
The Pontiac City Council adopted a resolution on April 1 initiating the formal process that would allow the city to issue up to $20,000,000 in tax-exempt municipal bonds toward construction of a new youth recreation center.
The council first voted to amend the administration’s draft to increase the proposed not-to-exceed bond amount from $15,500,000 to $20,000,000 (the amendment passed 6–1). The amendment vote was recorded with one no vote on the amendment. Council then approved the resolution as amended by roll call. The vote on the final resolution was recorded in favor by a unanimous…
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