Council weighs City Hall finance options

Edgar's picture

Further details for the new City Hall project were fleshed out at the July 23 meeting of Fairfield City Council.

During the meeting, the council took several steps in advancing the prospects of the project to turn Navarro College’s Fairfield campus into a working City Hall, including looking at financing and design-team options. Negotiations are ongoing with Navarro to purchase the six-building, 23,000-square-foot property.

A motion to authorize publication of notice of intention to issue certificate of obligation was passed 4-1, giving the city the needed funds to complete the Navarro project, as well as other “high priority” jobs throughout Fairfield.

After looking over three options for the Certificates of Obligation, the council selected in the amount of $2,650,000. Description of the CO and its usage for Navarro and other projects will be posted twice in the Recorder in the coming weeks. Thirty days after first posting, the council may officially issue the CO.

A CO is a way for the council to fund public works without voter approval, and will be included in Fairfield’s longterm debt. The city is currently paying a CO, issued in 2002 for public works, until 2022.

 

 

To read more please log in or subscribe to the digital edition http://www.etypeservices.com/Fairfield%20RecorderID278/

Rate this article: 
No votes yet