Public Hearing in Atlantic Wednesday, over loan agreement & bond purchase


February 28th, 2012 by Ric Hanson

The Atlantic City Council Wednesday, will hold public hearings on loan agreements amounting to $4.95-million, followed by action from the Council on a resolution expressing the City’s intent to enter into a General Obligation Corporate Purchase and Refunding Loan Agreement, and approval of a bond purchase agreement with Ruan Securities. The hearings and action will come during a Special Council Meeting that begins 5:30-p.m. Wednesday, at City Hall.

City Administrator Doug Harris says the bonds will help to cover nearly $4.9-million altogether, in Capital Improvement Projects (for Streets, Storm Water, Park and Building Improvements as well as Equipment Acquisition), and, the refunding of 2007 General Obligation Bonds. Harris says refunding the 2007 G-O Bonds will save the City $45,845 in interest, over the next 5-years.

The Council will consider a resolution authorizing the issuance of 2012 G-O Bonds during its meeting on March 7th. In other matters, the Council this Wednesday, will enter into a closed session to discuss collective bargaining strategy, following the conclusion of regular business.