Tuesday, March 19, 2013

What happened in the Metro Council on March 19,2013

Council OKs $1Bilion in debt. Emily Evans votes "no."

This council meeting is only 41 minutes long. I have not watched the video yet but will update when I have done so. The city issued $1 billion dollars in bonds.  Council member Emily Evans objected. The article below explains the issue.

Nashville council OKs $1B in bond issues to fund building, infrastructure projects

by Michael Cass, The Tennessean - Metro government will be able to issue more than $1 billion in debt to finance building and infrastructure projects after the Metro Council signed off on three resolutions Tuesday......
.........Councilwoman Emily Evans, who works in the municipal bond industry, said on the council floor that she was voting against all three resolutions because they didn’t comply with Metro’s debt management policy.

“We are supposed to repay debt on a level 20-year payment and we are supposed to use competitive bid,” Evans explained in a text message later. (read more)

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