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Council OKs up to $2.5M in highway allocation bonds for 2nd Street work
Summary
Ordinance No. 3015 authorizes up to $2.5 million in Highway Allocation Fund pledge bonds for street construction, including the 2nd Street project; council unanimously approved the ordinance after a presentation by Northland on bond types and repayment sources.
The Alliance City Council voted unanimously on Feb. 17 to adopt Ordinance No. 3015, authorizing general obligation Highway Allocation Fund pledge bonds in an amount not to exceed $2,500,000 to finance construction and improvements on city streets, including the 2nd Street project.
Austin Partridge of Northland explained the distinctions between general obligation bonds and revenue bonds, outlining how Highway Allocation Fund receipts can be pledged for repayment. Council members approved the ordinance’s first reading and the suspension of the three-reading rule; Mayor McGhehey then declared the ordinance passed and ordered publication.
The ordinance authorizes officials to set final maturities and rates and pledges Nebraska Highway Allocation Fund receipts for debt service. Council discussion did not record any Nay votes; roll call was unanimous.
