City Hall’s expansion is one capital project that bonds will help fund.[/caption]
City Council approved selling $59.8 million worth of bonds for capital improvement projects during the July 1 meeting.
The bonds will help fund road infrastructure projects, a parking structure for the police department, fire department facilities and equipment, a senior center and expanding City Hall. The bonds to be sold were approved by voters during this year’s May election and are the first of the $267.825 million in voter-approved bonds to be sold.
The council also approved the selling of $15 million worth of bonds to pay for sewer infrastructure improvements. The parameters for issuing the bonds are that the principal amount should not exceed $15 million, true interest cost should not exceed 4.25 percent per year and the bonds should be repaid no later than Feb. 15, 2035.
