Council Making Decisions On Events Center
November 14, 2011, 6:51 PM
SIOUX FALLS, SD -
Voters approved the project just a week ago, and Monday afternoon, the Sioux Falls city council heard more details on how the city will borrow the money to pay for an events center.
Monday evening, council members will hear the first reading of an ordinance that would authorize the issuing of bonds that will be used to pay for the new facility. The ordinance will allow the city to shop around for and get the best interest rates possible. The interest rates will vary between no more than 4.5 percent for exempt bond sales and 6.5 percent for the sale of any taxable bonds.
The city can not sell bonds until the ordinance is approved. Bond attorneys say they will not sell bonds until January, but the money will be in the bank at the end of January.
Also Monday evening, the council will look at two resolutions the facility. One would move $50,000 to the events center to be used for soil sampling and pay for some administrative costs. And council members may also put the events center into the 2011 CIP.
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