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McMinnville staff, bond counsel outline how general obligation bonds would pay for proposed parks and rec package
Summary
City finance staff and outside advisors explained how general obligation (GO) bonds work, the legal constraints on bond proceeds and an early levy-rate estimate for a proposed $98.5 million parks and recreation bond that would be presented to voters; no council vote was taken at the work session.
McMinnville finance staff and outside advisors briefed the City Council on the mechanics, limits and timetable for a potential voter-approved general obligation bond to fund a new recreation center and related parks, library and senior-center projects.
Finance Director Katie Henry and returning staff member Susan Muir presented a preliminary project package and cost estimate. Muir said the total package being discussed is $98,500,000 and that the breakout is $72,500,000 for the new recreation center, about $4,500,000 for senior-center improvements, $4,500,000 for library improvements, $2,000,000 to redevelop the current pool site at City Park, $9,000,000 for citywide park improvements and $6,000,000 for outdoor amenities at the new rec center.
Lauren McMillan,…
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