Delaware City Council recently approved issuing and selling more than $15 million in bonds for transportation, park and sidewalk improvements.
The largest bond issuance was for $12,535,000 to pay the costs for improvements at Glenn Road (in two phases) and the intersection of U.S. 23 and Peachblow Road. It is a re-issuance of maturing one-year bond anticipation notes that will mature in 16 to 20 years. The ordinance said the bonds were issued to pay the costs of “constructing, excavating, grading, and paving, installing drainage, sanitary sewer laterals, street lighting, conduit, curbs and gutters, signage, traffic pavement markings, street signs, landscaping, and acquiring interests in real estate.”
A related bond issuance was for $200,000 to acquire property and road right-of-way for making future transportation improvements for the intersection of Glenn R0ad and routes 36/37. The maximum maturity of the bonds is 30 years. The legislation summary reads, “The City had been negotiating with the property owner for this land for several years. Late last year, the land was acquired via an advance of funds from the General Fund. The proceeds of this note issue will reimburse the General Fund for the advance. Ultimately, the Northern New Community Authority will pay for this cost via collected new community authority charges.”
The next largest bond issuance was in the maximum principal amount of $2,100,000 for constructing, renovating and acquiring furnishings, equipment and property for recreation facilities. The bonds will mature in 20 years. The fund source for these phase two park improvements is the Recreation Income Tax Fund.
Another bond issuance was $450,000 to pay for sidewalk improvements as part of the city’s safewalks program. The bonds will mature in 20 years. The legislation summary states, “As part of our capital plan we decided to complete the remainder of the safewalks program citywide via two large undertakings in 2014 and 2015.”
Together, the notes amount to $15,285,000.
The four ordinances, all budgeted, were each given three readings over the past three council meetings. They were passed unanimously without comment on March 10. The note sales are tentatively scheduled for April 8.