Tonight the council votes on the bonds for the Events Center;
The City Council is expected to approve the sale of $125 million in bonds at its meeting tonight, the largest bond issue in city history. The money would build a $115 million events center, provide a reserve fund to pay off the bonds and pay issuance costs.
Officials sold the plan as one that would be paid off in 22 years. But they are leaving room to extend that. The ordinance being considered tonight leaves the city the option of extending that to 25 years. Other key details of the ordinance include a maximum interest rate of 4.75 percent for tax-exempt bonds and the option for the city to also sell a mix of taxable bonds, which carry higher interest rates.
It will be interesting to hear the debate tonight and if any councilor has the backbone to bring up the ‘Bait & Switch’ by the finance department and the mayor’s office.
(I WILL PROVIDE AN UPDATE AFTER VIEWING MEETING)
The TJN Recycling Yard was approved.