Mayor Tom Rowland stands in front of the shops of downtown Cleveland, Tenn.CLEVELAND, Tenn. – Mayor Tom Rowland on Tuesday vetoed a proposed change on how the city acquires bond debt that passed the City Council on Monday by one vote.
Councilman Bill Estes proposed that the City Council always seek bids from financial institutions that handle city bonds.
“There is no purchase we make that’s more expensive than debt,” Estes said.
In a memo Tuesday, Rowland said, “This is official notification of my veto to the vote that passed 4-3 on Monday, February 13, 2012, concerning a financial adviser.”
“I feel the City Council needs more time to study the intent of the motion and it should be discussed at the budget retreat on March 12.”