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Montrose bonds total just under $5.8M; downtown improvement bonds are largest liability
Summary
Auditors reported just under $5.8 million in bonds outstanding, largely tied to the 2021 downtown improvement bonds; auditors advised monitoring levy certification to ensure debt-service payments.
The audit presentation showed total bond obligations just under $5.8 million, with most of that amount attributable to downtown improvement bonds issued in 2021. Andy said the downtown improvement bonds account for roughly $5.4 million of the outstanding balance and noted principal and interest schedules out to 2042.
Auditors emphasized the importance of certifying the tax levy correctly so the revenue streams used to service bonds remain intact. "Really, it's important to monitor the sources which all these bonds are being paid back with taxes on making sure you get that tax levy correctly certified," Andy said. The slides provided a 10-year principal-and-interest schedule to help the council plan for future payments and levy needs.
