On November 3, 2016, City Council adopted the FY 2017-2021 Capital Improvement Program Plan which sets forth a five-year project and spending plan for seven (7) major capital categories that include Governmental Facilities, Municipal Utilities, Parks & Recreation, Public Safety, Solid Waste, Transportation & Pedestrian Initiatives and Fleet Vehicles.  The proposed new debt issuance for the FY 2016-17 budget is projected at $4.1 million. 

Authorization of Bond Ordinance #1 of 2017 would authorize the expenditure of up to $4,100,000 million in serial bonds towards the above mentioned capital improvement projects. The proposed issuance of new debt limits are within the guidelines set by the new City Financial Plan. 

As in years past, the City Comptroller intends to take advantage of low interest rates (approx. 1-1.5%) by issuing Bond Anticipation Notes (BANs) for the first five years of the borrowing prior to seeking long-term financing for the projects (currently at 3-4%).