Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Infrastructure topic
No spam. Unsubscribe anytime.
Council hears first reading on stormwater bonds to fund North Cameron project and other drainage work
Summary
On first reading city staff presented a proposed revenue-bond issuance not to exceed $11,850,000 to finance stormwater capital projects including completion of the North Cameron drainage project, box-canal culvert replacements on Millwood Avenue, and a stream restoration at Jim Barnett Park; council did not vote on issuance at the first reading.
City staff presented a first-reading ordinance authorizing the issuance and sale of stormwater system revenue bonds in an aggregate principal amount not to exceed $11,850,000 to finance specified stormwater capital improvement projects.
Barry Eisenach and staff said the loan would be a 20-year revenue bond expected to be paid entirely from stormwater fees, with no general-fund impact. Staff estimated an interest rate of about 4% given current market conditions but cautioned that market volatility could change the final rate.
Of the proposed $11.85 million, staff said approximately $8 million would complete the North Cameron drainage project, roughly $2 million would fund box-culture (box culvert) replacements where Abrams Creek passes under Millwood Avenue near Shenandoah University, and the remainder would support a stream-restoration project in Jim Barnett Park.
Councilors asked about the North Cameron project timeline and construction-site conditions. Staff said the Cameron and Kent Street work will be completed by the end of the calendar year and that the city will follow up with the contractor about resident complaints over site conditions. The ordinance is a first reading; council did not take final approval at this meeting and will return for a subsequent reading and vote.
Staff included an annual stormwater report in the packet and said the bonds would be issued through the Virginia Resources Authority as part of a pooled issuance with other localities.
No vote was taken on the bond issuance at the first reading; council received the report, asked questions about schedule and contractor conduct, and directed staff to proceed toward market issuance for the next step.
