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Committee approves budget to issue bonds for MLK/Jack Warner Parkway phase three
Summary
The finance committee approved a budget to support bond issuance for the MLK/Jack Warner Parkway phase three construction contract, with staff saying current bids indicate an issuance figure of "41,394" compared with an earlier $45 million cap; final pricing was expected the next morning.
Miss Stanford presented the committee with updated bond figures for the MLK/Jack Warner Parkway phase three project, telling members that after receiving bid prices the city expects to issue bonds for "41,394" as listed in the agenda handout (the transcript records the number as read). She reminded the committee that a prior preliminary ordinance had authorized up to $45 million and said staff planned to price the bonds under recent market levels. "We should know final pricing tomorrow morning," she said.
Members asked clarifying questions about pricing and the timing of bond pricing; Miss Stanford said the team hoped to achieve pricing better than last summer’s levels. The committee moved, seconded and approved the budget necessary to award the construction contract.
The transcript does not specify units or notation for the "41,394" figure as spoken into the record; the item proceeded with a voice vote and no roll-call tally was recorded.
