The City of Crofton has approved an issuance of bonds to help finance the new swimming pool project in the amount of $700,000.
The bonds will be used to “construct certain additions and improvements to the swimming pool and related facilities,” according to the full ordinance, and the City agreed to pledge funds received from sales tax, and designated a portion of its property tax authority, and other funds, to help service the debt.
The maturity of the bonds will “not be longer than twenty-one years,” and will be individually or package sold for $5,000.
Although the minutes don’t mention it, the City should still be within the window authorized by the Merle Guenther family that dedicated a large amount of funds through the Crofton Community Foundation Fund as well. Previous stories reported that the donation was made in 2023 and included a five-year date to put the funds to use on a pool project, or they would be rolled into the general fund.
Those funds, added with the half cent sales tax that took action in April of 2024, has been considered enough to service the cost of the new swimming pool.