The City of Kiel looks to be embarking on a major project in the future.
City documents from City Administrator Dave Funkhouser explain that the city is looking at constructing a facility to house the city’s Electric Utility and Department of Public Works.
However, because the bonds were not issued prior to the commencement of the project, the group allowing the city to borrow money must provide interim financing to cover costs of the project incurred before receipt of the proceeds of the bonds, or money the city will borrow.
Funkhouser also says this isn’t a commitment to the project or to any financing, but rather, it “simply allows the city to start initial planning for the project while allowing the city to reimburse itself if funds are borrowed in the future.”
The project is not expected to cost more than $25 million.
The city council unanimously approved the resolution.
