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Council directs $2 million-plus bond premium to neighborhood infrastructure projects
Summary
Council acknowledged a bond premium from recent debt issuance and authorized adding those funds to the Neighborhood Infrastructure Bond capital project fund to cover previously scoped project shortfalls.
Greenville City Council voted to allocate surplus bond premium from recent debt issuance to the Neighborhood Infrastructure Bond (NIB) capital project fund, staff said during the Jan. 13 meeting.
City staff reported favorable interest rates and a bond premium that produced "slightly over $2,000,000 available for the project fund," which council described as a positive outcome of the debt issuance. A council member asked whether the additional funds would be applied to projects already scoped in the NIB or used to expand the program; staff responded the extra funds would cover project shortages on many of the originally scoped NIB projects, including resurfacing and park funding gaps, and that staff would provide a summary tying project titles to project numbers.
Council approved the appropriation and asked staff to provide a revised project list showing how the premium affects funding of individual NIB projects.
Council members framed the premium as an opportunity to address funding shortages rather than a reason to add unrelated projects; staff agreed to report back with an itemized allocation.
