What are the options for paying the Water Street debt?

There are two options:

  • Option 1: Vote “YES” on the debt-retirement millage, and trust City Council to actually spend the new revenue retiring Water Street debt.
  • Option 2: Vote “NO” on the debt-retirement millage, and instead work with the bond holders to restructure the debt.

While politically embarrassing to City Council, Option 2 (“NO”) provides an opportunity to reduce our debt and an ironclad guarantee against diversion of debt-retirement funds to other uses further down the road.