Prattville council adopts $14.83 million general obligation warrant for city projects

The Prattville City Council on Tuesday adopted an ordinance authorizing the issuance of $14,830,000 in general obligation warrants to finance a package of previously approved city projects.

The financing covers City Hall annex renovations, Vista Pointe Park improvements, a portion of the public safety training facility, part of Stanley Jensen Stadium renovations, Newton Park phase 2 work, Spillway Park improvements and the Laney Drive extension, the council was told.

Daniel Oakley, finance director, said the issuance is the final step in a borrowing process the council began earlier this year. "The list is the same, as the we've approved various pieces of this along the way. This is kind of final step," Oakley said. He described earlier approvals that let the city seek underwriter pricing and sell the bonds.

Mayor (speaking at the meeting) told the council the annual debt service for the bonds will be paid from portions of the infrastructure, public facilities and parks and recreation buckets of the city's 1-cent sales tax.

Councilors voted to suspend the rules to allow the vote on the ordinance and then adopted the ordinance by majority voice/hand vote after discussion. The council noted that the sale reflected final pricing and that the borrowing was not new, but part of previously authorized financing steps.

The council did not identify any new projects tied to the issuance during the meeting; councilors and staff characterized the action as concluding prior approvals and securing final pricing.