The Fairmont City Council met in a special meeting Wednesday to approve the Five-year Capital Improvement Plan and Bond Issuance as well as approve a resolution adopting the plan and providing preliminary approval for the issuance of bonds. The plan and resolution were both approved . City Staff worked with Northland Securities to draft this plan that outlined the need for the Public Works Facility project and the expected cost. By passing the resolution, the city gives preliminary approval to the issuance of the bonds in the maximum principal amount not to exceed $8,000,000, provided that if a petition requesting a vote on issuance of the bonds,signed by voters equal to five per cent of the votes cast in the last general municipal election,is filed with the City Clerk, the city may issue the bonds only after obtaining approval of a majority of voters voting on the question at an election.
The Public Works Building Project suffered a setback earlier this week when the council on a 3-2 vote rejected the bids that amounted to just under 7.5 million dollars with soft costs and contingencies amounting to an estimated 9.2 million dollars. Jessica Green, of Northland Securities, while addressing the council at last night’s meeting said that the improvement plan approved last night has an 18-24 month time frame to activate the bond issue before a new one would have to be approved.