EDMOND — City officials are in the process of buying up to $15 million in bonds to pay for three road and capital projects.
City council members approved buying the bonds to widen Covell Road, add turn lanes at the intersection of 33rd Street and Broadway and pay toward the Intelligent Traffic System.
The bulk of the money, $9 million, will go to the Covell project. City officials are asking for $1.15 million for the Intelligent Traffic System, and $2.5 million will go to the Broadway project.
The bonds will be issued in the capital projects fund, a special sales tax passed by voters in 2000 for capital improvement projects. The ¾-cent tax is for an indefinite period.
Ross VanderHamm, city finance director and city clerk, updated members of the Capital Projects and Financing Task Force this week about the progress of purchasing the bonds. The task force oversees the spending of taxpayer money.
The debt would be for 10 years. The bond issue would not require a vote of the people because it would not raise sales or property taxes in Edmond.
Low interest rates and an upswing in sales tax collections are reasons for considering the bond issue.
“The market is fairly positive. It could be 2 percent or below,” VanderHamm said. “That would be nice.”
The bond purchase could be completed by next week.