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Council advances bond-note legislation for sewer and street improvements totaling up to $6.4 million
Summary
Finance committee reported Ordinances 26-29 and 26-30 would authorize issuance of notes not to exceed $4,720,000 (sanitary sewer improvements) and $1,680,000 (street improvements), respectively; the committee advanced those ordinances and described bond-note financing as a standard municipal strategy.
The city’s finance committee moved forward two bond-note ordinances that together authorize borrowing up to $6.4 million for infrastructure projects, the committee reported on June 1.
Clerk-read titles show Ordinance 26-29 would provide for issuance and sale of notes not to exceed $4,720,000 for sanitary sewer improvements and related drainage facilities; Ordinance 26-30 would provide for issuance and sale of notes not to exceed $1,680,000 for street and related improvements. Matt Stuzynski, the city’s financial advisor, attended the finance committee meeting and discussed bond-note strategy as a common municipal approach to finance major projects.
Both ordinances were placed on second reading and subsequent third reading; the finance committee report indicated several finance items were passed 7–0 in committee or advanced per committee recommendation.
