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.
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.”
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