Madison Daily Leader Editor Presents Info to Madison Commissioners

Posted on Tuesday, December 4, 2007

At Monday evening’s Madison City Commission meeting, Madison Daily Leader Editor Jon Hunter presented information about a mix-up that could cost the city up to $7,000. On November 29th the city intended to sell the general obligation bonds for the $3.5 Million pool project, that was unable to be done because according to state statute, the city must print bond notices in their designated newspaper for 2 consecutive weeks before the sale. The city had put in an order for the notices to be printed, and they were for the week of November 12th, but not the following week. Hunter offered no explanation of why the notices weren’t printed.

The mistake could cost the city up to $7,000 because those bonds weren’t sold and put in the bank to accrue interest. That $7,000 number is variable depending on what interest rates were on the 29th of last month and what they will be on December 11th, when the bonds will now be sold.

City commissioner Mechelle Nordberg asked Hunter if the Madison Daily Leader carried errors and emissions insurance, which Hunter says they do. Nordberg suggested Hunter look into the procedures that go along with filing a claim, which could possibly make up for the money that the city would have made, if the bond money had been deposited into the bank on the 29th.