City council sells bonds for street work
The city council’s decision Tuesday to sell municipal bonds will provide funding for more street work.
Money raised by the bonds will pay for work on B from Lincoln to Adams, milling of D St., rebuilding of Wilson, 1st, C, and Kennedy, Washington from 1st to 2nd, Lincoln from 1st to 2nd, and a culvert on Jefferson St.
Greg Vahrenberg, of Raymond James Public Finance, told council members that Standard and Poor rated Hillsboro bonds at BBB+ level this year. Legal expenses the city is paying because of Hillsboro Community Hospital’s bankruptcy might be one of the reasons the company notched the rating down from last year’s A- rating.
Council members also reviewed a 2020 budget being worked on by city administrator Larry Paine.
“The numbers are significantly higher than they were in the current year’s budget,” Paine said.
Paine told council members the budget will not require an election, but the projected tax rate is higher. Cuts will need to be made to keep the tax rate the same as last year, he said.
Paine and council members reviewed the budget proposal line by line, and Paine asked them to let him know if they had suggestions where to cut the budget.
Mayor Lou Thurston said council members don’t know if they can cut enough for the tax rate to stay the same as last year.
Last modified July 17, 2019