Council delays vote on proposed TIF refunding after members ask for more financial detail

Bond counsel and the city’s financial adviser described a plan to authorize combined tax-increment financing (TIF) and special taxing district bonds to refund a 2015 modified series, but the Salisbury City Council voted on Oct. 27 to delay moving the ordinance forward until staff and advisers provide more detailed financial data.

Lindsay Raider of Funk & Bolton, bond counsel to the city, told the council the ordinance under consideration would permit issuance of combined TIF/special taxing district bonds in up to two series and emphasized that “if any of these bonds are issued, they do not constitute a pledge of the city's full faith and credit and unlimited taxing power. Alright. They're not general obligation bonds under this ordinance.” Raider said the ordinance would set maximums: “The maximum initial principal amount would be $18,000,000,” and…