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Durham council approves up to $136M in limited obligation bonds for capital projects
Summary
Council held the required public hearing and unanimously authorized an installment financing contract not to exceed $136 million to support general capital projects, solid waste improvements and DPAC HVAC reimbursements.
City debt administrator John Reese told Durham City Council during a public hearing that the proposed limited obligation bond financing would not exceed $136 million and would fund $118 million for general capital projects, $1.8 million for solid waste projects and approximately $8.6 million to reimburse Durham Performing Arts Center (DPAC) HVAC project costs. All public notice requirements were met and staff reported an anticipated closing on April 30, 2025.
The council held the public hearing, received no speakers and voted unanimously to adopt the resolution approving the installment financing contract and to authorize the city manager to execute associated legal documents necessary to complete the transaction.
