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The City Council unanimously approved two 15-year bond sales totaling $7.32 million: $3.71 million for the second phase of Viaduct Park and $3.61 million for sewer-fund capital projects. The sewer bond carries a 3.48% true interest cost, while the Viaduct Park bond carries 4.92%.
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The bonds provide financing for Viaduct Park and planned sewer improvements, with repayment spread over 15 years. The council also approved using bond proceeds to reimburse eligible costs before the anticipated July 9 closing. Separately, program income from the Small Cities Development Program will fund conversion of Central Business District streetlights to LEDs.
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