Post by Logan on Jun 27, 2016 23:17:41 GMT -6
Columbus to borrow $476 million to upgrade water, sewer systems, finance other projects
Columbus plans to borrow nearly $482 million to fund a package of capital projects that will mostly upgrade the city's water and sewer systems and also pay for a new fire station, fire vehicles and resurfaced streets.
The Columbus City Council unanimously passed the bond package to finance those project at its meeting Monday night at City Hall. The bonds are part of Mayor Andrew J. Ginther’s record $1 billion capital budget that the council recently approved.
The bonds approved by the council and Ginther’s budget are important for the public because a capital budget is a clear sign of a municipality’s health, according to the three major credit-rating agencies that rate local governments. Those three agencies have given Columbus a AAA bond rating, the highest credit rating possible.
The city uses bonds to finance capital projects, not operations. About 25 percent of the income tax the city collects goes to service the debt from those bonds.
Read more: www.dispatch.com/content/stories/local/2016/06/27/council_preview.html
Columbus plans to borrow nearly $482 million to fund a package of capital projects that will mostly upgrade the city's water and sewer systems and also pay for a new fire station, fire vehicles and resurfaced streets.
The Columbus City Council unanimously passed the bond package to finance those project at its meeting Monday night at City Hall. The bonds are part of Mayor Andrew J. Ginther’s record $1 billion capital budget that the council recently approved.
The bonds approved by the council and Ginther’s budget are important for the public because a capital budget is a clear sign of a municipality’s health, according to the three major credit-rating agencies that rate local governments. Those three agencies have given Columbus a AAA bond rating, the highest credit rating possible.
The city uses bonds to finance capital projects, not operations. About 25 percent of the income tax the city collects goes to service the debt from those bonds.
Read more: www.dispatch.com/content/stories/local/2016/06/27/council_preview.html