At this week’s regular session of the Huntsville City Council, councilmembers looked at adopting an ordinance authorizing the issuance of City of Huntsville general obligation bonds; authorizing the levy of an ad valorem tax in support of the bonds; approving an official statement and paying an agent registrar agreement; and awarding the sale of the bonds and authorizing other matters.
Hilltop Securities managing director Marti Shew addressed councilmembers on the matter. She reported that the bonds were sold on the public market that day for submission of bids . . . .
Councilmembers approved the general obligation bond agenda item.
It regards the $3,865,000 aggregate principal amount of the November 2016 Proposition No. 2 Bond Election authorization utilizing, with premium, the remaining $4,000,000 of bonds authorized but unissued from Proposition No. 2. It’s for the purpose of a City Services Facilities Project to include demolition, construction, renovation and equipping a new City Service Center at the existing site and relocation of certain City services to City Hall, including related water, wastewater, drainage, streets, sidewalks, parking infrastructure and other related costs.
The Mayor and the City Manager discussed how next year’s tax rate could be affected by this.
