News
December 2, 2008
Public Hearing Set For Jan. 6 On Proposed Bond Issue For Capital Improvements
The Raleigh City Council will hold a public hearing Tuesday, Jan. 6 on a proposal to issue up to $11.13 million in two-thirds general obligation bonds for projects in the City’s adopted 10-year Capital Improvement Program. Specifically, the bonds would be used to help finance a new fire station in northwest Raleigh, the City Plaza project that is under construction in the 500 block of Fayetteville Street, mechanical improvements to municipal facilities, roundabouts planned for Hillsborough Street, and City sustainability projects.
The public hearing will be held during the council’s regular evening meeting beginning at 7 p.m. in the council chamber at the Avery C. Upchurch Government Complex, 222 W. Hargett St. Citizens will have an opportunity to comment on the proposed bond sale.
Two-thirds general obligation bonds are a long-term financing option available to local governments in North Carolina under state law. The bond total can be up to two-thirds of the amount by which the municipality reduced its outstanding general obligation indebtedness in the preceding fiscal year. The City of Raleigh can issue up to $11.13 million in two-thirds bonds prior to the issuance of other general obligation debt.
In past years, the City has issued two-thirds general obligation bonds to finance capital projects. These include the Moore Square parking deck in 1985, the Wilmington Street parking deck in 1991, Fire Stations 21 (Southall Road) and 22 (Durant Road) in 1996, the Raleigh Convention and Conference Center parking deck in 1997, and Fire Stations 26 (Barwell Road) and 27 (Buffaloe Road) in 2003. In 2005, the City issued $10.6 million in two-thirds general obligation bonds to help finance the second phase of the Fayetteville Street Renaissance Project and other public improvements in the Cultural/Convention District in downtown Raleigh.
Prepared by:
John Boyette
Public Affairs Specialist
Public Affairs Department
For More Information Contact:
J. Russell Allen
City Manager
City Manager Department
222 West Hargett Street
Raleigh, NC 27602
919-996-3070
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