The Mobile City Council voted to authorize a $250 million bond for the construction of a new multi-purpose Civic Center. The resolution also allows the city to use bond revenue to reimburse funds already spent on demolition. Additionally, the council formalized a policy of dedicating 16.66 percent of general fund revenue to a reserve fund, enhancing the city's financial stability.
The council voted to formally express its intent to borrow $250 million for the project. The resolution also gives the city the ability to use some of the revenue from tax-exempt or tax-advantaged bonds to reimburse funds the city already has spent.
The other vote relates to a practice since 2019 to dedicate 16.66 percent of general fund revenue to a reserve fund. Councilman Ben Reynolds said that has allowed Mobile government to weather downturns and other emergencies. Councilman Josh Woods echoed those comments. He said the reserve fund has greatly strengthened the city’s financial standing.
Workers are in the process of tearing down the old arena and theater downtown. Plans call for the construction of a modern, multi-purpose facility.
Civic Center Bond Mobile Alabama City Council
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