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Delaware City Council approves emergency borrowing to refund notes, fund fire and road projects
Summary
Council approved emergency ordinances authorizing up to $11.7 million in notes and up to $20.25 million in bonds to refund short-term debt and finance fire-safety and transportation projects; municipal advisor David Connolly and finance staff explained timing, interest-rate caps and funding sources.
Delaware City Council on Feb. 9 approved two emergency ordinances that authorize the city to issue short- and long-term debt to refinance prior notes and fund public-safety and transportation projects.
The council passed Ordinance 26-04, authorizing the issuance and sale of notes in an aggregate principal amount not to exceed $11,700,000 to refund certain securities issued for roadway improvements, and Ordinance 26-05, authorizing bonds in a maximum aggregate principal amount of $20,250,000 to pay costs for fire-safety facilities and municipal transportation. Both measures were declared emergency ordinances and were adopted after the council suspended the three-reading rule so the legislation could take effect immediately.
The finance director (recorded in the meeting as…
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