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Second reading of ordinance

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By Brandon Mattingly

City of Springfield officials held the second reading of—and adopted—a St. Catharine College bond ordinance last Tuesday at a special-called meeting at City Hall.

The ordinance—No. 2013-008—is in regard to financing the SCC Hundley Library and Beam land project. Legal council advised that the city has no obligation on the issue, as it is being used as a pass-through agency for the project.

The bond authorizes “the issuance of up to $9,000,000 aggregate principal amount of industrial building revenue refunding and improvement bonds...the proceeds of which shall be loaned to Saint Catharine College, Inc. to finance and refinance the acquisition, construction, installation and equipping of facilities suitable for use in furtherance of the educational purposes of Saint Catharine College, Inc.”

A roll call vote was unanimous with Debbie Wakefield and John Hardin absent.
The next regular scheduled city council meeting is Tuesday, Dec. 10 at 5:30 p.m. at City Hall.