Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Bonds topic
No spam. Unsubscribe anytime.
Council told bond cap for Downtown Project includes earlier supplemental; members may move to amend
Summary
Service Director Matt Hiscock said the $14.844 million bond cap for the Downtown Improvement Project would include a previously proposed $1.55 million supplemental; Council Member Angela May noted the budgeted project total is $13,294,000 and asked whether Council could amend the ordinance downward.
On April 7 the Committee discussed Ordinance No. 26-042, which would authorize the issuance and sale of bonds up to $14,844,000 for the Downtown Improvement Project.
Service Director Matt Hiscock explained the $14.8 million cap does not commit the city to spend that full amount but permits the bond team and bond counsel to prepare for issuance and packaging. "It did not say that they would issue $14.8 million. It just said they would not go in excess of that particular amount," he said.
Council Member Angela May asked whether the ordinance strictly covered the Downtown Infrastructure Project and whether it included the $1.55 million that Council had voted down previously. Hiscock confirmed the cap includes that amount. Council members discussed the option of amending the ordinance downward to match the approved budget figure. Hiscock noted the budget project number approved in the budget was $13,294,000 and that Council could move to amend the ordinance if they wished.
Council Member Jon Yurchiak said he would amend and call the question if Council directed. No formal amendment vote occurred at the April 7 Committee meeting; the discussion served as advance notice that an amendment could be raised at a future Council session.
The Committee did not adopt the ordinance at this meeting; staff will return with revised materials and preliminary GMP numbers before any final bond issuance.
