The city usually borrows for projects with 10 year payback periods, but they are looking at doing some projects with 20 year payback periods. When they do that there is a different process and a chance for referendum. Wonder if they will give us that opportunity for Judge Doyle Square?
Ok, I’m certain they will do anything they can to prevent that from happening, referendum on Judge Doyle Square, that is.
The will allow it for streets and sidewalk costs. Here’s the city attorney description of how this works.
TO: Mayor Paul Soglin Common Council Members
FROM: Michael P. May City Attorney
RE: Initial Resolution to issue $12.65 Million in Bonds for Streets Projects Legistar File 39324This resolution proposes to issue $12,650,000 in 20-year general obligation bonds for a series of streets projects. When the City issues twenty year bonds such as these, it follows a three step process. First, the initial resolution must be approved. That is this resolution. Second, the Clerk is required to publish a notice of the resolution under chapter 67 of the Wisconsin Statutes. The law provides that if a petition is signed by electors numbering at least 10% of the votes cast for governor in the City at the last general election, the City must hold a referendum on the question of the issuance of the bonds. If such a petition is not filed, the question does not go to referendum. The Clerkâs notice advises the electors of this option.
The third and final step is the adoption of a final resolution, which will be done in September before the bonds are issued.
Since they are just looking at 20 year borrowing, you can bet the controversial projects will be 10 year borrowing and they will use 20 year borrowing for less controversial or popular projects.
