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City to ask voters Dec. 12 to authorize up to $4.7 million in general-obligation bonds
Summary
Finance director Nina Sweeney told the council she will place a question on a Dec. 12 special election asking voters to authorize up to $4.7 million in 20-year general-obligation bonds to fund citywide capital improvements without raising the current 3.5 mill rate.
Finance director Nina Sweeney spoke to the council about a proposed special election on Saturday, Dec. 12 that would ask voters to authorize up to $4,700,000 in general-obligation bonds. Sweeney said the bonds would have a maximum 20-year term and interest not to exceed 6 percent and would fund citywide capital improvements including roads, bridges, public buildings, parks, drainage and sewer improvements.
"This, this resolution calls for a special election, Saturday, December 12. It's asking voters to authorize up to $4,700,000 in general obligation bonds," Sweeney said. She added the proposal would not increase the city's current 3.5 mill rate. Council members expressed support and the resolution to call the special election was approved. The city's bond counsel and municipal advisor were present and will assist with ballot language and subsequent steps.
