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Edmond officials consider $14.27 million bond package

Edmond officials are looking at a $14.27 million bond issue for money for Interstate and 35 and Covell Road capital improvements and other projects. The city finance committee has given its approval.
by Diana Baldwin Published: February 20, 2013

The estimated cost for Covell roadway construction is $10 million.

Low interest rates and an upswing in sales tax collections are reasons for considering the bond issue.

Sales tax collections for the first eight months of the fiscal year have shown a 17 percent growth. City officials project the fiscal year will end with a 12 percent growth. They had calculated a 3 percent growth in this year's budget.

City officials decided to borrow the money for 10 years because the life of the road improvements is estimated at a decade.

The city council delayed borrowing $40 million for capital improvements in 2007 when the sales tax collection took a downturn.

“We think $14 million is a safe number,” Commons said. “If we continue to grow 5 percent, we may do another bond issue in four or five years.”

by Diana Baldwin
Sr. Reporter
Diana Baldwin has been an Oklahoma journalist since 1976 and came to The Oklahoman in 1991. She covered the Oklahoma City bombing and covered the downfall of Oklahoma City police forensic chemist Joyce Gilchrist misidentifying evidence. She wrote...
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