Chattanooga City Council members unanimously voted Tuesday to approve a resolution expressing the intent of the city to issue bonds not to exceed $40 million to address improvements, repairs and maintenance to capital projects across the city.
The action is typical for cities, which often choose to couple multiple years of financing needs into one bond issue. Andrew Kean, who is chief operating officer for the city, said the bond issue would help the city keep its costs down in coming years.
"Tonight's approved resolution includes financing related to fiscal years 2012, 2013 and 2014 [and] requests an amount up to $40 million, while taking into consideration bond issuance costs and market pricing," Kean said. "The approval of this bond resolution is a step forward with a fiscal year 2014 budget based on achieving results for Chattanoogans, while assuring we provide efficient and effective services at the best value to taxpayers."
The council also voted unanimously to approve a resolution authorizing the Department of Public Works to accept an $85,500 grant from the Lyndhurst Foundation to assist in funding a design competition for low-impact design and green infrastructure within new rules for the city's new stormwater management system. The grant will go toward funding a contract with GreenSpaces to administer the design competition, and an in-kind services match will be provided by both RPA and the city.
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