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Union approves $20 million bond ordinance to fund new city building and town square
Summary
The City of Union on Aug. 4 approved Ordinance 2025-08 authorizing up to $20 million in general obligation bonds to refund prior notes and finance a new city building and Union Town Square; bond documents were expected to be finalized and sold next week.
The City of Union on Aug. 4 voted 4-0 to approve Ordinance No. 2025-08, authorizing the issuance of general obligation public project and refunding bonds in an aggregate principal amount not to exceed $20,000,000 to refinance prior notes and pay for a new city building and related improvements.
Bryan Skinner, vice president of RSA Advisors, told commissioners the city received an Aa-3 bond rating from Moody’s and that the rating and financing structure reflect a "strong capacity to meet financial commitments." Skinner said the bond documents would be finalized this week by attorney Donnie Warner of Frost Brown Todd and the bonds would be sold next week to support the Union Town Square project.
City Administrator Amy Safran said the city plans to use its city growth fund and earlier-adopted payroll tax revenue to help fund the project. The ordinance passed on second reading with Mayor Larry Solomon, Commissioners Kimberly Tuyn, George Eldridge and Doug Bine voting aye. Commissioner John Mefford was absent.
The ordinance text authorizes competitive sale of the Series 2025 bonds and creation of a bond payment fund and sinking fund; it also approves forms and officers necessary to issue the bonds. City officials said proceeds will be used both to refund the City’s Series 2022 bond anticipation notes and to reimburse costs of acquiring, constructing and equipping a new city building and related appurtenances.
