Sac City officials have cleared the final hurdle in acquiring nearly $4.5 million in General Obligation (GO) bonds. Last Tuesday, the city council accepted a loan agreement providing for the bond issuance and a tax levy to finance them. According to City Administrator, Jamie Lawrence, the bonds will allow the sewer department to fund some existing debt and finance some smaller projects throughout the community.
Lawrence says the sewer department will still be responsible for paying for a large portion of their existing debt, and the bonds will allow some leeway while they do so.
Property tax rates will increase as a result but Lawrence says it is hard to say exactly how much.
The bonds will also be used to repair bridges and streets throughout the community. Construction on those projects is not scheduled to begin until at least next spring.
