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Council advances readings on $13.4M service-center borrowing and approves rollover note for road projects

Macedonia City Council · November 14, 2025

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Summary

Council completed readings on an ordinance authorizing up to $13.4 million in notes for a new service center and approved a rollover bond anticipation note (up to $2.6 million) tied to road and design projects; council discussed applying roughly 25% cash and a $120,000 principal payment to reduce borrowing costs.

Council on Nov. 13 advanced readings on a measure to finance a new service center and approved a related bond-anticipation rollover that will fund several road design projects.

Director Veres (speaker 4) explained the emergency ordinance to issue notes in anticipation of bonds for the new service-center complex with a principal amount not to exceed $13,400,000. He said the city plans to apply about 25% of the project cost in cash over the life of the project and borrow for the remainder. Staff also indicated they planned to put a $120,000 principal payment down as part of the rollover note marketing to lower debt issuance costs.

Separately, the council authorized an emergency ordinance to issue notes not to exceed $2,600,000 as a rollover of a one-year bond anticipation note issued the prior year; proceeds were used for Highland/Valley View intersection improvements and related design engineering. Director Veres said combining marketing of the two financing measures could save issuance costs.

Mayor (speaker 2) and other members emphasized the project is a need for operational efficiency, citing multiple decentralized service locations and the anticipated benefits of centralizing equipment and salt storage. Director Veres said a video showing current building conditions will be presented at the next meeting.

Staff warned that further steps will follow and that some litigation risk may exist for related projects, but council proceeded with readings and the financing steps discussed at the meeting.