The money will enable the city to fix or improve about 225 streets within the next two years while launching more than a dozen crucial transportation projects, Administrative Services Director
"We are behind (in maintenance) right now and a lot of those streets do need (to be) repaired," Simpson said.
Major projects include installation of a southbound deceleration lane at the
"I just see it as a way to step into getting some major things done with our streets," Simpson said. "There is a cost to doing that. ... But this really, I think, will help stimulate a lot of things for the community."
Despite reservations about the length and cost of the 25-year financing plan, a majority of the council members bit the bullet on the municipal bond issuance because of anticipated long-range dividends as well as a low interest rate of about 4.5 percent.
The city will use about
"I think you strike while the iron's hot," Councilman
Preparing for the issuance will take a couple of months and the bonds -- municipal certificates of participation -- should go on the market in September, a consultant told the council.
While Manos, Councilman
"I'm frankly having sticker shock with the numbers I've heard," Magee said.
After the vote, however, both emphasized they support moving ahead with the street improvements and projects.
Doing the road improvements in the near future will reduce ongoing maintenance costs in years to come, city administrators assured the council.
"A dollar spent today on pavement saves you up to
As a collateral benefit, enhanced curbside appeal should make the city more enticing to investors.
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