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Council approves $4.3 million GO bond after debate over project specificity
Summary
The Bloomington Common Council voted 7–2 on Nov. 20 to adopt Ordinance 2024-24, authorizing up to $4.3 million in general-obligation bonds to fund capital projects including parks and transportation work. Council and the public pressed administration and bond counsel for tighter project definitions and assurances about legal limits on changing the project list after sale.
The Bloomington Common Council on Wednesday approved Ordinance 2024-24 authorizing the issuance of general-obligation bonds not to exceed $4,300,000 to finance capital projects across the city.
City Controller Jessica McClellan said the bond issuance will preserve the city’s healthy fund balance while allowing the administration to fund transportation, parks and other capital needs without raising the tax rate. “Bonding is the tool in our toolbox to fund capital expenses when our levy is not keeping up with our actual growth,” she told council members.
Bond counsel Thomas Cameron (Quarles & Brady) told the council the issuance will be a general-obligation,…
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