Hillsboro officials approved $12.5 million in bonds backed by the city’s general fund to build a new ballpark for the Hillsboro Hops (short season A; Northwest League).
You don’t often see cities issuing ballpark bonds backed by nothing but “full faith and credit,” as the term goes, rather than dedicated revenue streams like sales taxes; bonds backed by a general fund tend to carry a slightly higher interest rate, for example. Then again, Hillsboro voters have rejected the last six bonding attempts, so this was a way to pay for a ballpark without exposing the plan to more public scrutiny.
So officials in Hillsboro, a fairly affluent Portland suburb, decided to move head with the funding plan. All the elements are in place for the new team to play in a new ballpark next season.
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