Council carries bond-appropriation ordinance to next meeting to ensure December payments
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Summary
Council gave ordinance number 23 its first reading to appropriate funds in the corporation bond fund so scheduled December bond payments can be made and carried the ordinance to the council's next meeting for a public hearing and second reading.
City staff presented Ordinance 23 to appropriate funds in the corporation bond fund so the city can make two scheduled bond payments in December (the 2015 GO bond and a 2018 GO bond related to city facilities). Staff said the fund has sufficient cash but not enough appropriated authority to make the payments, so the ordinance moves appropriation among accounts to cover December disbursements.
Council moved the ordinance to the next meeting for second reading and a public hearing; staff emphasized the importance of completing the appropriation so the city does not miss payments.
The ordinance remains at first reading and will return for a public hearing and vote on Dec. 8.