A mayoral veto of the city's refinancing of the Overture Center for the Arts is a definite possibility.

Madison Mayor Dave Cieslewicz, who earlier proposed the city should buy the Overture, was upset with common council's decision to approve the refinancing Tuesday.

According to Ald. Austin King, District 8, vetoing the decision is an alternative Cieslewicz may explore.

"It's certainly something he's contemplating," King said. "Obviously, he's disappointed in the council's decision and, as executive, he has every right to veto the decision."

During heated debate at Tuesday's council meeting, Ald. Tim Bruer, District 14, encouraged Cieslewicz to consider vetoing the council's decision to protect taxpayer money.

"I have a sense of where council is leaning on this issue," Bruer said before council's vote to approve refinancing. "I think, Mr. Mayor, this decision would be worth a veto."

Bruer said the refinancing proposal puts taxpayer dollars in immediate jeopardy if the stock market does poorly in the next six years.

Cieslewicz, at the meeting, said he would not be able to explain the loss of $5 million of taxpayer money.

"I can explain to taxpayers why the city is investing in the Overture Center," Cieslewicz said preceding council's vote. "However, I can't defend how I lost $2.5 million on the stock market."

According to George Twigg, communications director for the mayor, Cieslewicz has five days from when he receives the report of the Common Council meeting to make a decision on whether or not to veto.

King said an alder can propose to override the mayor's veto of the decision, but the proposal would have to be supported by a two-thirds vote.

"In order for an override to be successful, council would need 14 out of 20 votes," King said. "The refinancing passed by a vote of 15 to five, but does that mean that 15 alders would also vote to override the veto? I don't know about that."

King said even though he voted to approve refinancing, he would not vote in support of overriding a veto if the mayor proposed one. Assuming King remains unopposed to a veto, the mayor would only need one other alder who voted for refinancing to support the veto.

Cieslewicz has not made any formal decision on whether to veto the decision, Twigg said. The mayor is currently in the process of determining how much council support the veto would have and which alders would be likely to remain firm with their original decision to refinance.

"[The mayor] has very serious concerns about refinancing," Twigg said. "So he is doing everything he can to gather information. He is talking with alders on both sides of the decision right now, and if he does decide to veto, he will probably make the final decision late this week or early next week."

King said if the mayor were to veto the refinancing of the Overture Center, it would be a unique decision for Cieslewicz.

"I have no idea whether or not he is going to veto the decision," King said. "This would be the first veto of his term, which is a huge deal."