Ottawa conducts hearing on $7 million in bonds to pay for new fire truck, pool

New pool would be paid for with tax revenue from marijuana dispensary

Kids and families swim at Riordan Pool in Ottawa to cool off

Ottawa is exploring issuing $7 million in general obligation bonds to pay for a new firetruck and a new Riordan Pool, along with an additional refinancing of a $1.1 million bond the city borrowed for water and sewer projects in 2012.

Treasurer Don Harris told the City Council this public hearing is part of the process to at least explore using bonds to cover the cost of the firetruck, which has already been ordered, and the pool. The new Riordan Pool has a price tag of about $5 million.

“So, we’re taking on two new debt obligations and then refinancing a third and as long as all those make sense, then the council can move forward with this after this hearing,” Harris said. “Our next council meeting, there’s going to be a first reading of the bond ordinance and then a second reading on Aug. 2. Assuming all that goes through, Bernardi Securities will work on marketing those bonds with an expected closing date of late August.”

The new Riordan Pool is expected to be paid off using tax revenue from marijuana dispensary sales.

Harris said the city still has the time to explore other financing options, and just because the council conducted a public hearing doesn’t mean the money has been borrowed yet.