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Pittsburgh council committee approves authorization for up to $67.55 million in general-obligation bonds, finance team outlines competitive sale plan
Summary
A city finance presentation and council discussion centered on a proposed $62 million borrowing to fund capital projects and a shift to a competitive bond sale; committee gave the bill an affirmative recommendation.
Pittsburgh city council's Finance and Law Committee on Feb. 19 authorized legislation that would allow the city to issue general-obligation bonds with a maximum aggregate principal amount of $67,550,000 to fund capital projects already included in the capital budget.
The council heard from the finance director and the city's municipal advisors, who described plans to issue roughly $62 million for capital projects and to pursue a competitive sale of the bonds rather than the negotiated sale the city has typically used.
The finance director, Jen Gula, said the bond proceeds will fund projects already included in the adopted capital budget. David Hutchinson, assistant director for capital and asset management, identified principal uses as Department of Public Works facilities projects and Department of Mobility and Infrastructure (DOMI) street paving…
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