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Council discusses $10 million capital bond, including Edgewater Estates waterline project
Summary
Councilors and staff said the city plans to place a $10 million bond in the capital projects fund to finance multi-year capital equipment and projects, and identified a planned Edgewater Estates waterline project estimated at $2 million as an intended use; debt service will be recorded in a separate fund paid in part by millage.
City staff told the council the proposed capital program includes a $10 million bond issue in the capital projects fund to finance multi-year items such as roofs, generators, equipment and trucks and to spread their cost over long lifespans.
Why it matters: issuing debt changes annual debt-service obligations and the distribution of tax millage for debt repayment; it also funds infrastructure that affects neighborhoods and service delivery.
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