Mayor Andre Sayegh’s administration secured approval from the City Council to borrow $8.68 million for sewer repairs and capital improvement projects.
Council members approved the borrowing measures in a special meeting on Monday night. Below is a breakdown of the bond measures:
- $4,088,342 for sewer improvements
- $1,904,761 for sewer improvement tied to the city’s road resurfacing program
- And $2,691,428 for capital improvements, including improvements to Buckley Park.
Council members had to delay approving another $7 million in borrowing measures on Monday night. They were told the measures had to be approved by the state local finance board. Both measures will be considered next month.
The latest borrowing binge reduces the city’s debt capacity to $72.36 million, according to municipal records. The city had a total debt capacity of $222.54 million or 3.5-percent of its total equalized property valuation of $6.35 billion.
The city will have $150.17 million in outstanding debt after all the measures are passed. Currently, the city spends almost $18 million a year on debt service.