The Carroll City Council has set a public hearing for Monday, Feb. 8 on a proposal to issue general obligation capital loan notes not to exceed $1.22 million dollars for the construction of the maintenance building at the Carroll City Cemetery and as a portion of the funding needed to complete the Third Street storm sewer improvements. Both of these projects are budgeted for Fiscal Year 2017, which will begin on July 1 of this year. Carroll City Clerk and Finance Director, Laura Schaefer, explained to the council that these projects are considered an essential corporate purpose and have different issuance authority than other proposed city projects. The current proposal is that the debt will be structured on a 10 year repayment, but that duration may be lowered. Council member Jerry Fleshner asked for clarity on why the term length of the note would be changed.
The council approved the public hearing to be held on Monday, Feb. 8 prior to any action taking on a resolution for the debt issuance and a pre-levy resolution to collect taxes in the next fiscal year.
