The Quincy Park Board made significant financial decisions at its monthly meeting on Wednesday night. They approved the self-funding of a $1.17 million general obligation (GO) bond to purchase equipment and fund park improvement projects. GO bonds are a common form of municipal bond used for non-revenue generating projects like repairing park restrooms and building playgrounds.

Advantages of Self-Funding the Bond

The board's bond counsel will prepare the necessary documents for the bond issuance. The approved projects amount to $1,171,000 with a four percent interest rate. Board member John Frankenhoff emphasized that this is a win-win-win situation for taxpayers and the park board. A $218,000 quote was approved for replacing the shelter building at Quinsippi Island. The advantages of self-funding include a reduced interest rate and an increase in investment income. Since GO bonds are taxable, they don't have to comply with IRS guidelines for tax-exempt issues.