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Hampton council approves up to $85.4 million in GO bonds, dissolves Peninsula Stadium Authority and confirms appointments
Summary
Council adopted a resolution authorizing up to $85.4 million in general obligation bonds to fund capital projects, passed resolutions to dissolve the Peninsula Stadium Authority and establish a War Memorial Stadium advisory board, and approved the consent agenda and multiple board appointments.
Hampton City Council approved a resolution authorizing the issuance of general obligation public improvement bonds with a maximum principal amount not to exceed $85,400,000 to finance fiscal-year capital projects and refunding bonds for debt service savings. The public hearing for the bond resolution drew no speakers; staff recommended approval and the council voted aye on a roll call.
City staff explained the bond sale would fund multi-year capital needs including Hampton City Schools, stormwater, maintenance of public properties and the city's steam plant. A staff member described the financing in everyday terms: "it sounds like a lot of money, and it is a lot of…
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