The finance committee of the Peabody City Council voted to advertise a $2.35 million bond order to fund multiple city capital projects, moving the proposal forward on a 5-0 vote.

The bond order packages a set of projects the mayor presented as priorities: $950,000 for the Council on Aging roof; $335,000 for mechanical upgrades at that building; $515,000 for vehicles (including two 1-ton public works trucks and four police cruisers); $200,000 for Ross Park improvements (Adventures for Angels playground replacements); $80,000 for a stump grinder; $200,000 for cemetery expansion (Area K1 at Cedar Grove Cemetery); and $60,000 for technology upgrades. The total appropriation read into the record was $2,350,000.

Mayor Bettencourt said the Council on Aging project has been in planning for years and described the roof and mechanical work as "overdue and very much necessary," and noted Leroux Hill was hired as the project manager and the city has worked with facilities director Jim Politano and Carolyn Wynne, director of the Council on Aging. The mayor said parts of the package are time-sensitive for construction season, including playground installation expected in June.

Councilor Turco urged caution and asked to delay until the June 24 budget hearing, citing recent school budget shortfalls and a desire to see the full budget before approving new borrowing. "I don't think that I could support it, tonight because I would like to wait till the 24th," Turco said.

Mr. Gingras, finance staff, answered that approving the bond order is an appropriation that would not be funded until fiscal 2026 and that "the actual debt service wouldn't come due until July, in FY '27." He added a rough estimate of the resulting annual debt service as "ballpark about 300,000 ish debt service." Council members asked for a capital schedule to accompany the upcoming budget presentation.

Councilor Gould moved the bond order, which includes authorization for the treasurer, with mayoral approval, to borrow under Chapter 44 of the General Laws and to qualify the bonds under Chapter 44A. The committee voted to advertise the loan order as read; the roll call recorded five yes votes and no dissent.

The advertisement-as-read vote sends the bond order to the full council process and starts statutory steps required before borrowing; final borrowing and debt schedules will depend on subsequent authorization and treasury procedures.