Council authorizes issuing general obligation bonds
By Lynn Zerschling lzerschling@siouxcityjournal.com | Posted: Tuesday, January 06, 2009
SIOUX CITY -- Within the next two months, the city will borrow $19.7 million in general obligation bonds to pay for a host of city construction projects, as a result of City Council action Monday.
The council authorized Treasurer Frank Gray to issue those bonds, which were delayed since November due to the national economy. Gray said he will look at the bond markets in six to eight weeks to see if the interest rates are more favorable. The city will borrow the money to pay for projects already approved by the City Council. Those include:
Floyd Valley redevelopment, $2.18 million; KD Station demolition, $2.8 million; city traffic control devices, $1.9 million; infrastructure reconstruction, $1.5 million; Glen Oaks extension to Chambers Street, $702,533; Perry Creek flood control, $300,000; renovating convention center, $914,622; relocating ballfield, $968,500; Sunnybrook Drive to Christy Road, $420,000; Line Drive extension, $561,000;
Riverside master plan improvements, $250,000; Cone Park improvements, $55,000; Long Lines Family Rec Center, $91,000; annual park improvements, $100,000; annual resurfacing, $500,000; annual bridge repairs, $410,000; Wesley Parkway reconstruction, $250,000; city trails, $250,000; annual intersection and traffic signals, $275,000.
The council authorized Treasurer Frank Gray to issue those bonds, which were delayed since November due to the national economy. Gray said he will look at the bond markets in six to eight weeks to see if the interest rates are more favorable. The city will borrow the money to pay for projects already approved by the City Council. Those include:
Floyd Valley redevelopment, $2.18 million; KD Station demolition, $2.8 million; city traffic control devices, $1.9 million; infrastructure reconstruction, $1.5 million; Glen Oaks extension to Chambers Street, $702,533; Perry Creek flood control, $300,000; renovating convention center, $914,622; relocating ballfield, $968,500; Sunnybrook Drive to Christy Road, $420,000; Line Drive extension, $561,000;
Riverside master plan improvements, $250,000; Cone Park improvements, $55,000; Long Lines Family Rec Center, $91,000; annual park improvements, $100,000; annual resurfacing, $500,000; annual bridge repairs, $410,000; Wesley Parkway reconstruction, $250,000; city trails, $250,000; annual intersection and traffic signals, $275,000.
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