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Council votes to apply for $1.5 million loan instead of issuing bond
Summary
The Gregory City Council unanimously voted Aug. 5 to apply for a $1.5 million loan rather than issue a $1.5 million bond, advancing a financing route for planned city projects. The motion was made by Ashley Lozano and seconded by Laura Petersen.
The Gregory City Council voted Aug. 5 to apply for a $1.5 million loan rather than proceed with a previously approved $1.5 million bond. Councilmember Ashley Lozano made the motion, and Councilmember Laura Petersen seconded; the motion carried on an all-ayes voice vote.
Council did not specify in the meeting minutes which specific capital projects the loan would fund; the action replaces the bond authorization recorded earlier. City staff and council members were asked to pursue the loan application process following the vote. The loan-versus-bond motion appears in the meeting record as a stand-alone action and carries the council's unanimous support, advancing the city's financing decision to the next administrative steps.
