During a recent government meeting, officials discussed a bond resolution aimed at financing the Price Boulevard Phase 1 widening project, with a proposed issuance of up to $60 million in infrastructure sales tax revenue bonds. The project will expand Price Boulevard to four lanes and include a continuous bi-directional left turn lane, as well as a multi-use path on both sides of the roadway.

Commissioner McDowell expressed concerns regarding the resolution, particularly about the lack of clarity in the bond documentation. He noted that the title of the resolution did not explicitly mention Price Boulevard, raising questions about the potential for the bonds to be used for other projects. McDowell emphasized the need for bond counsel to clarify these issues before proceeding, stating he would vote against the resolution unless further assurances were provided.

City Attorney clarified that the resolution is not merely a template but establishes a procedure for issuing bonds specifically for the Price Boulevard project, as approved by voters in a 2022 referendum. He assured that the city is legally bound to use the funds solely for this project and cannot divert them to other infrastructure initiatives.

The discussion also touched on the nature of the bonds, with McDowell questioning the prevalence of variable rate provisions in the documentation. The assistant finance director was called upon to provide further clarification on the bond structure, indicating that the concerns raised would be addressed in future discussions.

The meeting underscored the importance of transparency and clarity in municipal finance, particularly in light of voter-approved projects, as officials navigate the complexities of bond issuance and fiscal responsibility.