QUINCY–The city council heard the second reading of an ordinance authorizing and directing the issuance, sale and delivery of general obligations bonds to help fund the development of the Clay Sports Complex.
A third and final reading of the ordinance, followed by a public hearing, is scheduled for next Monday, September 21, with a vote scheduled to follow.
Council members have already approved by a vote of 10-3 to purchase two parcels of land, or about 124 acres, which used to be the Moorman Research Farm, along Highway 24, about five miles outside the city limits.
The bonds are helping the city finance the $10 million loan for the first phase of development.
The city sells municipal bonds to investors (like banks or mutual funds) to get immediate cash to buy the land.
The city pays the investors back over many years with regular interest, much like a home mortgage.
As explained by the city, the bond issuance is a form of borrowing rather than selling the municipal bonds directly. The City works with an underwriter who sells the bonds to investors. Those investors receive the interest paid on the bonds.
The Clay Park bonds are planned for a 20-year term.
“There is no impact on pro...