The bonds will help fund improving road infrastructure, parking structure for the police facility, fire department facilities and equipment, senior center, expansion of city hall and more infrastructure improvements.
The bonds to be sold were approved by voters during the May elections this year. The $59.8 million in bonds is the first of the $267.825 million in voter-approved bonds to be sold from this latest bond election.Read more
The Council also approved the selling of $15 million worth of bonds to pay for waterworks and sanitary sewer infrastructure improvements.
The parameters for issuing the bonds are that the principal amount should not exceed $15 million, true interest cost should not exceed 4.25 percent per year, and the bonds should be repaid no later than Feb. 15, 2035.
If the parameters are not met by Oct. 1, the authority to issue these bonds will expire.