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Robinson council to pursue certificates of obligation to fund ladder truck and street work; staff to return with prioritized plan
Summary
The Robinson City Council discussed issuing certificates of obligation to buy a ladder fire truck and accelerate street and utility projects and asked staff to return with a recommended CO package at the next meetings so a sale could be approved before possible state changes limit CO authority.
The Robinson City Council discussed issuing certificates of obligation to finance a new ladder fire truck, pay for neighborhood and collector street resurfacing and reconstruction, and add utility projects, and asked staff to return with a specific financing recommendation for the council to consider at the next meetings.
Council and staff discussed a package that would include a tax-supported portion (the council discussed $17.5 million up to a $25 million tax-supported ceiling suggested by the city’s financial adviser) and an $8 million utility-supported portion that would be paid from utility revenues. Staff said the tax-supported portion would raise the city’s tax-supported debt and could affect the tax rate; staff presented sample calculations and scenarios and identified a compressed timeline to act if the council…
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