Story City council approves bond compliance resolution

Todd ThorsonStaff

In a brief Story City Council meeting on Monday night (April 4), the council approved a resolution that establishes compliance with reimbursement bond regulations under the Internal Revenue Code. The resolution relates to the financing of three proposed city projects that will be undertaken in the coming year.

The maximum amount of bonds expected to be issued for the projects totals $1,400,000 and they will be tax exempt.

“There’s three projects we’ll be doing, so we will be funding them internally, while we’re doing the project,” said City Administrator Mark Jackson, “and then once the projects are completed, we will issue bonds, and this (resolution) is to make sure that we are in compliance with the Internal Revenue Code.”

The three proposed projects include the South Park improvements, 2016 sanitary and storm sewer improvements and the extension of Holm Avenue.

In other business, the council:

—approved a residential tax abatement under the residential urban revitalization plan for Mary Wynia, 1296 Northridge Road, as it pertains to a $200,000 improvement project, including a new exterior, new windos, first floor remodeling and a new kitchen. Date of completion was February 2016.

The next regular council meeting is scheduled for Monday, April 18 at 7 p.m.