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City to issue $34 million in bonds for new school, street improvements

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The city’s Board of Mayor and Aldermen has approved a resolution authorizing Germantown to issue up to $34 million in bonds to fund the construction of a new elementary school and related improvements to Forest Hill-Irene Road.

The motion passed despite Aldermen John Barzizza and Dean Massey requesting that the issuance be postponed.

“I think we may incur some unnecessary expenses by issuing the bonds too far in advance of construction,” Massey said.

After noting that he supports funding for the city’s school system, Massey asked that the board vote on the issuance at a later date once “each alderman is given access to all the information that was used in the negotiations for the 3Gs, the site selection process, demographic studies, traffic studies, the cost projections for the school construction and the cost projections for the improvements of Forest Hill-Irene.”

“The reality is the board has very little information to use in determining whether the school and road project warrants a $34-million tax-payer-funded check,” he said.

Barzizza echoed Massey and asked that the board consider deferring the matter in order to provide time for a work session.

City Administrator Patrick Lawton said the city’s “current and future budget projections indicate that the expected future general fund revenues are adequate for meeting the debt service requirements for the bonds issued herein.”

Before the board voted 4-2 in favor of the issuance of bonds, Mayor Mike Palazzolo urged that delaying the matter would “be a disservice to our GMSD friends.”