The City of Cortland’s Common Council voted unanimously in favor of a bond resolution authorizing the issuance of serial bonds to cover the costs of various projects at a meeting on Tuesday.
The series of bonds will total $1,171,000, according to Tuesday’s meeting agenda and Mayor Scott Steve’s resolution.
“This is for some equipment (machinery) that has been overused and extended,” said Steve.
Here is a list of estimated maximum costs for each project:
You can see a further breakdown of the binding process here Under “Item No. 3” on Tuesday’s meeting agenda.
Councilperson Katie Silliman (D-2 Ward) asked Steve how long it would take to pay off the security deposit.
The mayor replied, “We’ll know when these bond resolutions come back.”
City Deputy Mayor and Alderman Tom Michales (R-8) noted that it could take 15 years or less to pay off the bond.