Posts Tagged ‘bonds’
November 30, 2014 by Steve Winkler
-By Observer Staff- Did the city council just quietly dissolve the 40-year-old water commission? During a hearing on Nov. 24, the council passed an ordinance authorizing the issuance of a $350,000 revenue bond to pay for the “planning and design costs, other preliminary expenses and bond issuance costs.” Detailed in more than ten pages, Ordinance 441 is a temporary bond that will be folded into a permanent bond to pay for construction of a sewer line from West Fork to Fayetteville. The permanent bond will be for $5,8000,000. The city needs the funds from the temporary bond to satisfy requirements for a $1.2 million grant. But it’s the language buried throughout the ordinance that seems to indicate the dissolution of the water commission entirely, or at the very least, the transfer of its main duties to the city as a whole.Read More...