By JAN LARSON McLAUGHLIN
BG Independent News
Bowling Green City Council took steps Monday to sell nearly $9 million in bonds for the new city administration building.
Council heard the first readings of three ordinances for the issuance and sale of bonds – with two allowing the refinance of current bonds at a lower interest rate.
The new City Administrative Services Building is to be built where the current senior center and city building sit just north of West Court Street between North Main Street and North Church Street. Council is considering the sale of $8,885,000 in bonds for the project.
The bonds would finance the construction, furnishing and equipping of the new building. They would also pay for the demolition of a portion of the senior center and the existing city building, plus the clearing of the sites, paving of a parking lot and driveways, and landscaping.
The cost of the new city building is being split with utility funds, a portion of which will be paid with cash. This will result in borrowing less than the total cost of the project, and will save interest expenses.
For the City Park facility, council heard the first reading of an ordinance for the sale of $1,115,000 in bonds to pay for the construction, furnishings, landscaping, paving an entry drive and parking lot, and construction of a patio. This ordinance would convert the one-year bond anticipation note into a 30-year bond.
The sale of another $3 million in bonds is being considered to refund bonds at a lower interest cost for some of the city’s outstanding improvement bonds. Refinancing should save the city between $10,000 and $15,000 per year depending on the interest rate received when the bonds are issued.
In all three cases, council approved emergency clauses for the bond ordinances in order to allow for time to competitively advertise and bid the interest rate.
Also at the meeting, council President Mark Hollenbaugh reminded council that the city’s mask mandate is set to expire at the end of March. Council will have to make a decision about possibly extending the mask ordinance at its March 15 meeting.
Hollenbaugh suggested that city residents contact council members to make them aware of their feelings about the mask mandate.
In other business, Bowling Green Chamber of Commerce Executive Director Mary Hinkelman reported to council that the results will be released soon from a survey about how local businesses have been affected by the coronavirus pandemic.
And council member Jeff Dennis welcomed members of Boy Scout Troop 422, who were watching the City Council meeting to earn merit badges.
