If Greensboro’s citizens were assured that the economic strength of the community supported issuance of specific debt, where is the documentation that says so, and did the financing of the Swim Center include anticipated Law Enforcement expenses, if Council and the City Manager were aware of the pending request?

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.

 

Greensboro City Council

October, 21 2008

 

http://greensboro.granicus.com/DocumentViewer.php?file=greensboro_02382c4b9da536126d4be5089b05327f.pdf