Final Bond OK Paves Way for $25 Million in Projects

Council members have granted final approval for the issuance of revenue bonds that will provide $25 million for city construction projects.

On a 4-1 vote, the City Council this week established a public financing authority, made up of council members, to make the bond payments over the next 24 years. Officials said the authority would get the money from the city’s Redevelopment Agency, also made up of council members. Should the agency default, the money would come from the city’s coffers.

Profits from the bond sale will pay for the expansion of police headquarters and the children’s section of the city’s main library. Other projects include improvements to Hillcrest Park, construction of a museum plaza downtown and reconstruction of sidewalks and roads.

Councilman Chris Norby, who cast the lone vote against the bonds, said that by forming the financing authority, the city is “getting around the requirement that voters approve bonds tied to the general fund.”

“I don’t think it’s right and I think, ultimately, it may even be successfully challenged constitutionally,” he said.

The rest of the council disagreed. Mayor Don Bankhead said that because the bonds do not require the city to raise taxes, a ballot initiative is unnecessary. “I do believe the voters had their say when they voted on each member of this City Council to make these decisions.”