Thursday, November 18, 2010
Council OKs Hiring Firm For Bond Issue
The Cookeville city council Thursday night approved a resolution that would allow the city to explore the option of issuing what are called Build America Bonds. City finance director Mike Davidson says the federal government came out with the program in 2009, one year after a previous council OK'd the issuance of $7.2 million dollars in debt to pay for the infrastructure for the HIghlands Business Park. He says the resolution will allow the city and its financial advisor-- Stevens, Incorporated -- to get the best deal on an interest rate when the bonds are put on the open market. The council also OK'd a contract with Stevens, Incorporated, Thursday night. Davidson says the company will be advising both the city and the county on the bond issue because the county will also be issuing $7.2 million in debt.