From the Minutes of October 21, 2008 Greensboro City Council Meeting: “until the economy improves to the extent that the increase in the City’s overall debt is appropriate”

Councilmember Barber moved adoption of a resolution “to delay issuance of the bonds approved by City Council for the 2008 Referendum until the end of December 2009”. Lengthy Council discussion was held with regard to locking future Council action by instituting a timeline; if/when bonds pass, their issuance would be restricted until economic indicators improve; and Councilmembers were unanimous in their concern toward doing what is in the best interest of the public. Councilmember Matheny requested a friendly amendment that removed the date of December 2009 from the resolution and added, “until the economy improves to the extent that the increase in the City’s overall debt is appropriate”.

 

Councilmember Barber accepted Councilmember Matheny’s friendly amendment that “until the economy improves to the extent that the increase in the City’s overall debt is appropriate”. Councilmember Barber moved adoption of the resolution. The motion was seconded by Councilmember Matheny which was adopted on the

following roll call vote: Ayes: Barber, Groat, Johnson, Perkins, Matheny, Rakestraw, Wade. Noes: Bellamy-Small and Wells.

 

252-08 RESOLUTION TO DELAY ISSUANCE OF THE BONDS APPROVED BY CITY COUNCIL FOR THE 2008 REFERENDUM WHEREAS, City Council has approved Bond Orders for submission to the voters of the City specifically Street Improvement Bonds in the amount of $134,000,000; War Memorial Auditorium Bonds in the amount of $50,000,000; Parks and Recreation Bonds in the amount of $20,000,000 and Housing Bonds in the amount of $1,000,000; WHEREAS, the Council believes that current economic conditions would make the issuance of the bonds which pass the Referendum unadvisable until the citizens are assured that the economic strength of the community will support the issuance of the bonds and the appropriate use of the funds.

 

NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GREENSBORO: That the Greensboro City Council shall not approve the sale or issuance of the 2008 Bonds, or any portion thereof, until the economy improves to the extent that the increase in the City’s overall debt is appropriate.

 

(Signed) Michael L. Barber

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