City Chief Financial Officer, Robert Martin says the issuance of industrial revenue bonds is a common practice.
He adds that the bonds are secured with property.
The Committee of the Whole also voted to forward a Solid Waste Enterprise dump truck lease, which will allow the city to lease a dump truck for 500 dollars a month through a program from Mack, but overseen by KaCo. At the end of the one year lease, Solid Waste Enterprise General Manager Tony Sicari says the truck will be auctioned off and the city will have to pay the difference. He adds that most trucks bring in 85 percent of the sale price and that the monthly payments are also deducted from the remaining balance.
Members also voted to forward an amended junk and secondhand dealers ordinance and a precious metals and gems ordinance to City Council for approval.