At tomorrow’s meeting, the Council will consider a resolution authorizing and empowering the City to issue and sell a series of its general obligation bonds in the original aggregate principal amount not to exceed $19 million. The proceeds of the sale of bonds will be used for the public purpose of financing the new City Hall and Duvall Field renovations.
The bonds are expected to be sold through the solicitation of competitive bids at a public sale, currently scheduled for October 3, 2019.
Council already adopted an ordinance (Ordinance 19-O-11,) on August 13, 2019, authorizing to borrow up to $19 million through bond sale. Tomorrow’s resolution provides further detail of the bond issuance.
If the maximum $19 million of bonds were issued the City will be paying an interest of $1 million annually.