Monday, March 14, 2005

Barnum proceeds must pay off bond

City Manager Tom Markus says any proceeds from the sale of a portion of the Barnum property must be used to help retire the bonds with which the property was purchased.

Any such sale would have to meet with voter approval. The City Commission discussed selling some of Barnum at its meeting last week. Markus said he obtained a legal opinion that the proceeds must be used to pay off the bond.

City Commissioner Scott Moore had suggested using proceeds to pay for further parks improvements.