The proposed issuance of General Obligation Improvement Bonds, Series 2024A, was a primary focus of the meeting. The bonds, valued at approximately $2.885 million, are intended to finance upcoming street improvements. Chris Hogan, the city’s municipal advisor from Baker Tilly, elaborated on the bond’s specifications, including a 15-year repayment period with a level annual debt service and an estimated true interest cost of 3.89%. The bonds include an optional prepayment feature after 10 years. The city currently holds an A3 rating from Moody’s, with city officials emphasizing that a higher rating could result in more favorable interest rates on bond pricing day. The timeline for the bond issuance was detailed, with key dates including a rating conference scheduled for July 31 and the receipt of bids on August 7, followed by the award and consideration on the same evening. The proceeds from the bonds are expected to be received on September 17, with repayment drawn from general tax levies and special assessments. The council confirmed the option to adjust the bond size on the sale day if bids are lower than expected.

Another decision was the adoption of a new speed limit on Pioneer Road. The council approved the reduction to a consistent 30 miles per hour across all sections of the road. This decision follows a 2018 reconstruction of the roadway and subsequent legislative changes allowing greater flexibility for local governments in setting speed limits. Mr. Ericson presented findings from a speed study conducted by the police department, which evaluated site distances, crash data, and roadway alignments. The study supported the benefits of a lower speed limit for safety, especially in light of recent incidents, including a severe accident involving a drunk driver. A resident, Miss Seer, had contacted the council, urging for increased police presence after the speed limit change. The police chief confirmed plans for enhanced enforcement, focusing initially on educating drivers rather than punitive measures. A follow-up speed study is planned to evaluate the impact of the new limit.

The resolution to adjust the speed limit was discussed by the council, with one member highlighting the importance of a consistent speed limit along the road, which previously varied between 30 and 40 miles per hour. The motion to approve the new speed limit was passed unanimously.

In other council activities, members reported on their recent engagements. This included attendance at the Shago Lakes Joint Sewer Commission meeting and participation in budget work sessions. The mayor provided several updates, including the cancellation of an Economic Development Authority meeting and a tour for county commissioners who were impressed by the city’s developments. The mayor also congratulated Lak’s Gas on its 65th anniversary and acknowledged the retirement of Candy Girtz, a business owner and community supporter. Additionally, condolences were extended to the family of Mayor Guston, who had recently passed away.