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September 17, 2014, 12:34 pm
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The Council Roundup

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Aldermen Approve $650K in Fees for Infrastructure Bond Sale


The Springfield city council has approved a multi-million dollar bond sale to finance the city’s biggest infrastructure effort in years.

 

That vote also authorizes the city to pay as much as $650,000 in fees to the underwriter of those bonds.

 

Alderman Joe McMenamin voted present, saying he wanted a separate, more detailed contract with the underwriter, spelling out those fees.

 

But city budget director Bill McCarty says the exact amount can’t be known until the bonds are sold… but says the ordinance ensures the amount won’t exceed that $650,000 limit.

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