Well, here we go again. In the commission agenda, I started reviewing the RFP for the bond financial services. We have $5 million for rebonding, and $34 million for Capital Improvement. The projects for Capital Improvement add up to $26,450,000. That leaves over $7.5 million unaccounted for. In the RFP (page 3) there is an interesting blurb as follows;
"$34,000,000 Capital Improvement Revenue Bonds, Series 2018A - The capital improvement revenue bond proceeds will be use...d to fund the following major projects. Other capital projects not yet identified may be also funded in strict compliance legal restrictions. The amounts indicated are estimates only."
Look at the second sentence again; "Other capital projects not yet identified may be also funded in strict compliance legal restrictions." Now, I personally did not hear that when they were selling the bond, did you? 22% of the total for "other capital projects not yet identified"? I believe this is in direct violation with the commission meeting and transparency of the city government. Since the city DID NOT tell us that they had other things in mind that may be paid for with the bond, I think the commission needs to bound this bond to ONLY those projects identified at the commission meeting to the public.