The Spring Valley City Council began their April 10 meeting with Mike Bubany, of David Drown Associates, advising the group on the negotiated sale of the 2023A bonds.
“While I’m here to talk about what is probably pretty simple, meaning we are borrowing money to pay for these projects, there is a lot of information you need to know,” Bubany started. “Whenever the city goes to borrow money we have to cite the statutory authority we are using to borrow the money. One of the most common is in Chapter 429 that says you can issue debt as a city, but you have to assess 20% of the cost to adjacent landowners. You are not meeting that 20% test.”
He noted this would normally not be an issue, but a portion of this year’s street improvements, Territorial Avenue and Broadway Avenue will not include utilities work.
Read the complete article by Paula Barness in the April 17th Edition of the Fillmore County Journal
