Elizabethtown City Council unanimously approved Ordinance 18-2026 during its October 12 special meeting, authorizing general obligation bond issuance of up to $17 million for the planned City Hall at 2323 Ring Road. The measure received its second reading before the council adopted it by a roll-call vote, with every council member present voting aye.
City Attorney Ken Howard said the ordinance authorizes bonds not to exceed $17 million. Mayor Jeffrey H. Gregory said current financing projections put the annual payment at about $1.4 million for 15 years.
So anybody wants to know what that payment is annually based on current rates projected, I'll make sure I stress projected 'cause it hadn't gone to market yet. We're looking at about $1.4 million payment annually for 15 years. But we'll have to wait and see how the sale goes.
He emphasized that those rates are projected because the bonds have not yet gone to market.
The action gives the city authority to finance the City Hall project. The final borrowing cost will depend on the bond sale.
