The City of Springfield is ready to issue bonds to help pay for infrastructure improvements later this month, but they must first approve a supplemental appropriation to cover the issuance fees.
An ordinance in front of Aldermen tonight would approve a supplemental appropriation of up to $650,000 to pay for the issuance fees. Budget Director Bill McCarty says it’s unlikely the issuance fees will be that much, but that amount is what it is estimated to cost if the city were to issue all $80 million in bonds all at once.
McCarty says the plan is to issue the $80 million over the next three years. The first bonds this year will be available January 22nd for Sangamon County residents and then January 23rd for anyone else.