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Council begins review of up to $29 million in notes to fund police station; advisory team outlines options
Summary
Council heard a detailed presentation from municipal advisor Bradley Payne on financing options for a proposed police station, including a one-year note instrument and later conversion to long-term bonds. The legislation on first reading would authorize notes in anticipation of bonds up to $29 million; staff scheduled additional committee meetings.
Mount Vernon City Council on Feb. 23 heard a presentation from Andy Burrows of Bradley Payne about financing options for a proposed police station and related facilities. The ordinance on first reading would authorize the issuance of notes in anticipation of bonds in an amount not to exceed $29 million; council will consider a follow-up committee meeting on March 9.
Burrows described typical municipal practice for construction financing: issue…
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