City will likely issue bonds to raise the $250,000 for new recreational complex

If the City of Decorah contributes $250,000 to a proposed recreational complex on Pole Line Road, it will probably get the money through a bond issue.

City Administrator Jerry Freund on Thursday told city council members that the city could refinance a 2002 bond issue to raise the $250,000.  The new bond issue would be paid off 18 months later than the scheduled last payment date for the 2002 bond issue, but the monthly payment would be identical.

Freund says the refinancing could be done with the approval of the city council.  Voters would not get any input on the issue--unless a voter petition was submitted asking for a referendum.  In that case, the bond refinancing would need the approval of 60 percent of those voting.