Last November the Cedaredge Town Board, working on advice of its bond counsel in Denver, adopted an emergency ordinance to approve sale of $945,000 in bonds to fund street improvements.
Trustees were hoping to get the bonds sold before year's end.
Interest rates around the first of November had been under 4 percent.
But the bonds didn't sell. Apparently a lot of other issuers had the same idea as the town's bond salesmen did, and the town's issue of less than $1 million got lost in the holiday rush, Town Administrator Katie Sickles explained to board members on Jan. 17.
"We're having a heck of a time marketing our bonds," Sickles said. "The market was flooded."
As a result, the trustees agreed to re-adopt the emergency ordinance from November changing all of the dates from 2012 to 2013. The town's bond counsel will continue its efforts to sell the issue either in a public offering or private placements to banks.
Payback of the bonds is pledged from a voter-approved one-half cent sales tax.
In other business at its Jan. 17 meeting, the Cedaredge Town Board dealt with the following matters:
• Sickles reported that an effort to support local retail businesses with a "Shop Local Bear" promotion is being developed.
• Businessman Michael Meskel asked about the town providing a more detailed monthly utility billing.
• Trustees received copies of the town Tree Board's annual report.blog comments powered by Disqus