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Board starts 20-day comment period with initial and final bond resolutions for public safety building addition
Summary
The board approved two bond resolutions that begin a 20-day public comment period for financing a public safety building addition: an initial resolution authorizing issuance up to $5,250,000 (Res. No. 1033) and a final/general resolution authorizing issuance up to $25,250,000 (Res. No. 1034); Joe Barnes of Cumberland Securities was present.
The board approved two resolutions to begin the public-notice process for bond financing related to a public safety building addition. Staff presented an initial bond resolution (Res. No. 1033) authorizing issuance not to exceed $5,250,000 and a separate resolution (Res. No. 1034) authorizing general obligation bonds in an aggregate principal amount not to exceed $25,250,000. Joe Barnes of Cumberland Securities attended and staff said adopting the resolutions starts a 20-day comment period required before moving forward.
Staff described these as planned borrowings discussed at the midyear review and said other project costs are being covered from reserves. The motions to adopt the resolutions were made and approved by voice vote; the record shows the board moved to begin the comment period but did not finalize sale or exact terms at the meeting.
