Council hears plan to roll over bond anticipation note; $120,000 principal paydown proposed

At its Oct. 23 meeting the Macedonia City Council gave Ordinance 73 a first reading, a proposal to issue and sell notes in anticipation of bonds in a principal amount not to exceed $2.6 million to retire outstanding 2025 bond anticipation notes.

"This is a bond anticipation note that was first, garnered last year at this time for 2,705,000. We're looking to roll it over, pay down a $120,000 in principal, and bond it out sometime in the future when, you know, long term interest rates are favorable," Director Veres said. Staff told council the plan is to keep the borrowing in short‑term notes while the market awaits lower long‑term rates and to go to market in early January for permanent financing.

Veres also flagged related capital spending: a transfer to a municipal property fund tied to a planned service center (the transcript referenced a borrowing of about $13.4 million transferred to the municipal property fund to cover roughly 75% of that facility’s estimated cost). Council members asked about timing and the ordinance was held for further readings.

The transcript records the ordinance was offered for first reading by title; no final bond issuance or long‑term bonding authorization occurred at the meeting. Staff indicated ongoing monitoring of market conditions before locking in long‑term financing.