Jonesboro council adopts $2025 capital improvement revenue bonds after debate over process and funding

Jonesboro’s City Council on a single vote adopted an ordinance authorizing the issuance and sale of capital improvement revenue bonds, series 2025, to fund multiple city capital projects and approved an emergency clause to speed the financing.

The bond ordinance and emergency clause passed on roll calls that produced 9 ayes and 3 nos. Council also voted to waive the second and third readings and adopt the final terms supplied by bond counsel during the meeting.

Council members and the administration framed the vote as a way to advance prioritized safety and infrastructure projects without raising taxes. Mayor (name not specified) said the bonds will “save lives” by funding projects that include a consolidated 911 center and safety improvements on South Caraway Road. He emphasized the administration’s effort at transparency and public input in preparing the financing.

Paul Phillips, the city’s financial advisor from Cruz and Associates, described the market response and the final pricing. “We finished the day on the financing with a 4.96 true interest cost,” Phillips told the council, and said Stevens (the underwriter) generated an order book of more than $45,000,000 during the morning order period. Phillips and the underwriter credited…