CRA Bond Issue Progresses

The members of the Cedar Key Commission, wearing their CRA hats, approved a step toward issuance of $8,000,000 to $10,000,000 in bonds at a January 23 meeting. Robert O. Freeman, representing Bryant-Miller-Olive, a Jacksonville law firm, explained the preliminary work his firm will do to facilitate a bond issue. He will provide details at a Commission workshop in February.

Mr. Freeman was recommended to the City by David Cardwell and Richard Wagner, who advise the City on bond matters according to City attorney David Coffey. Mr. Freeman told Cedar Key News that typically the costs of a bond issue are 0.1 pecent of the money raised by the bonds. Details such as interest rates may be discussed at the February workshop. The bonds are expected to be purchased by banks rather than the general public.

Later in the evening meeting, Resolution 280, authorizing refinancing of a $1,500,000 loan to the City by the Capitol City Bank, passed unanimously.

In other business, a sinkhole on Hawthorne Avenue will continue to be filled, prior to an inventory of all paving needs for Cedar Key streets. CRA Director Jackie Gorman said that the cause of the sinkhole is uncertain but that there may have been a dump at that site. The immediate concern is that fire trucks may be needed beyond the sinking pavement.

Also, the previously tabled request for $4500 in demolition overcosts on a $12,000 lump sum bid resulted in an offer of $200 for tree removal not specified in the bid. The offer passed four to one with Commissioner Pat O'Neal dissenting.