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Council authorizes up to $38.96 million in general obligation bonds
Summary
Council adopted an ordinance authorizing issuance of general obligation public-improvement bonds in a maximum principal amount of $38,960,000; a public commenter urged caution about borrowing costs and taxpayers' ability to service debt amid higher inflation.
The clerk presented an ordinance authorizing the issuance of general-obligation public-improvement bonds for up to $38,960,000 in principal. Council members approved the ordinance by a recorded 9-0 vote.
During the public-comment period, Vic Nichols warned that higher inflation raises credit risk and reduces the market value of debt obligations, urging council to consider taxpayers' ability to service new debt. Council moved promptly to adopt the ordinance after the public comment and no amendments were made on the floor.
