Mt. Vernon Register-News

October 15, 2012

City Council to revisit bond issue

Nothing was changed, the bond counsel just wanted different agenda wording

By TESA GLASS
tesa.glass@register-news.com

MT. VERNON — — The City Council will be revisiting the $36 million bond issue after the bond counsel wanted a different agenda wording.

“Nothing has been changed,” City Manager Ron Neibert said. “It’s the same ordinances, with the same wording, the same information. We have the ordinances back on the agenda for the meeting because the bond counsel didn’t like the way the agenda item was worded at the last meeting.”

The bond issue was approved during the Oct. 1 regular meeting of the city council, with the agenda stating the council would hold a first reading “on Ordinance Providing for the Adoption of an Ordinance ...” Neibert said the bond council didn’t like the wording, so the agenda for tonight’s meeting reads, “...for the adoption of an ordinance of the city of Mt. Vernon...”

In addition to revisiting the bond ordinance presented, the council will also hear a request to seek quotes for investing the bond proceeds.

“Once we receive the bond proceeds on Tuesday, we want to invest them properly to maximize the interest we can earn on them,” Neibert explained.

In other business, the council will:

n Hear bid results for the construction of the aquatic center. Bids were opened on Wednesday with five companies submitting for the project. This is the second bid letting for the project, due to bids coming in higher than estimated the first time. Fager McGee, L. Wolf Construction, Poettker Construction, River City Construction and Shores Builders have each submitted a base bid and four alternates;

The council will meet at 7 p.m. tonight at the Rolland W. Lewis Community Building at Veterans Park.