(UPDATE: Information added regarding what would happen to the Certificates of Obligation if a bond election is called.)
By Michael V. Hannigan/HCN
A change of direction by the Athens City Council could send the Cain Center rehabilitation project to the voters for approval, Mayor Monte Montgomery told area reporters Monday afternoon.
According to Montgomery, during a workshop meeting last week council members discussed concerns over the budget impact of not only the ongoing cost of running the Cain Center, but also the cost of the debt for the construction.
Because of those concerns, members of the council asked staff to explore partnering with another entity — either the hospital or the county — to defray the cost. If that doesn’t work, they would like to explore putting the Cain Center question to the voters in the form of a bond election instead of paying for the project with the previously planned Certificates of Obligation (COs).
Continue reading “Athens City Council reconsiders funding for Cain Center project”