The DeKalb City Council held a special meeting Thursday night to decide whether or not to issue 2010D bonds referenced in an ordinance approved on Oct. 28.

Council members discussed the risk and reward of proceeding as scheduled with 2010D bonds or waiting until after Jan. 1.

The council debated the issue and voiced concerns to Northern Trust representatives Allan Ambrose and Chris Shih, and unanimously voted to approve the resolution directing city staff to not issue the 2010D bonds as scheduled.

Although the council decided against issuing the bonds, the bonds had no previous allocated use within the city from previous city council meetings.

Northern Trust informed the council of an increase from 3.7 percent to 4.4 percent as of Oct. 29 which results in a $1 million reduction of the new money proceeds the council expected from the ordinance approved on Oct. 28.

One reason the council decided not to issue the bonds at this time was that recent increase in interest rates on Taxable Bonds.

The Northern Trust bond counsel noted there was a deadline to take advantage of the Build America Bonds as they expire Dec. 31.

Although the council unanimously decided to hold off on the 2010D bonds, DeKalb Mayor Kris Povlsen expressed the city’s need to create new money for necessary funding.

Fourth Ward Alderman Brendon Gallagher shared his feeling that Congress will extend the expiration date of Build America Bonds as one reason to wait.

“There are some things we have to pay for and if we don’t restructure or borrow we will be in a much bigger hole than we’re already in,” said 1st Ward Alderman Bertrand Simpson. “There’s very little if any more to be cut and we don’t want to raise taxes. The only way to do that is to restructure or borrow, and borrowing is a much more prickly process than at least the baseline restructurin