Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Capital Projects topic
No spam. Unsubscribe anytime.
Council authorizes up to $11.195 million in bonds for pool and bathhouse project
Summary
The council approved a resolution authorizing the issuance and sale of capital improvement bonds for the pool and bathhouse project with a maximum principal amount of $11,195,000; staff said they expect final cost to be under $11 million and will return with final bids.
GROSSE POINTE FARMS — The City Council on March 9 approved a resolution authorizing issuance and sale of capital improvement bonds to fund a pool and bathhouse project, with a maximum principal amount of $11,195,000, a maximum interest rate of 6% and a final maturity not to exceed 21 years.
City Manager Rieseide told the council that while the resolution sets a maximum principal amount, staff expect the actual project total to be under $11,000,000 and are waiting for a few final bids. Staff said some bids were extended to attract additional bidders and that they will return at the next council meeting with final bids and recommended final bond sizing.
The council voted to approve the bond authorization on a unanimous voice vote.
