Monday, November 30, 2015
In October the Board of Commissioners approved the issuance of General Obligation Bonds in the amount of $5,085,000.
The details and proposed items covered by the refund and bond issuance are:
- Provide additional funding and save $162,000 over the life of the bonds
- Anticipated interest rate is 3.981%
- Current rate for the 2007 B bond is 5.736%
The items proposed for the new issuance are:
- $1,200,000 purchase of City Public Works facility at East 11th and Monmouth
- $1,500,000 underground utilities along Route 8 and Route 9 connector
- $500,000 Fourth Street sewer relocation
- $300,000 floodwall repairs
- $600,000 barrel vault repairs
- $900,000 for miscellaneous infrastructure improvements
This is exciting news that further demonstrates there's so much happening in Newport now!