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City presents fiscal note for proposed $98.5 million bond to shore up infrastructure
Summary
City officials briefed the council on a proposed $98.5 million bond to address waterfront bulkheads, drinking-water and stormwater projects; finance staff said debt service would add about $346 per year to the average owner‑occupied tax bill once fully ramped and outlined alternatives if the bond fails.
City management and the finance director outlined fiscal notes and alternatives for a proposed $98.5 million infrastructure bond intended to address pressing capital needs across Newport, including bulkhead repair, harbor facilities and coastal hardening.
The city manager framed the bond as an effort to spread the cost of about $500 million in infrastructure needs over time. He warned of imminent failure on projects like the Paraty Park bulkhead and said…
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