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Last updated on Friday, September 9, 2016
(BLOOMINGTON) - Mayor John Hamilton announced plans to renew bonds previously sold in the early 2000s to improve parks, streets and trails.
The City Council will be asked to provide authorization for the issuance and appropriation of eight General Obligation Bonds and five Park District Bonds (collectively "2016 Bonds") intended to both maintain and improve City assets including fire fighting equipment, streets, trails,sanitation equipment and several Parks facilities.
If approved, the City will move forward on approximately $18 million worth of capital projects. This will include approximately $7 million in infrastructure upgrades throughout the City's parks system, approximately $6 million in transportation upgrades throughout the City (including trail, multiuse paths and intersections), and approximately $4 million in infrastructure upgrades for the City's sanitation services to transition to a semi-automated service. The 2016 Bonds will also fund upgrades to each of the Bloomington Fire Department's five stations and provide for the installation of additional guardrails on roads in the City. Complete ordinances can be found at bloomington.in.gov.
Bonds are frequently used by municipal governments to pay for large capital improvements that cannot be funded otherwise. Both the City and the Parks Department have had bonds that will expire this year, so the issuance of the 2016 Bonds will allow the City and Parks Board to continue addressing infrastructure needs without any increase in taxes.
As noted by the Fiscal Task Force in its Final Report dated July 8, the City continues to rate well in regards to debt per capita in relation to other comparable cities and enjoys an above average cash reserve.
Mayor Hamilton commented on the ordinances, "These bonds will fund a variety of projects - some more noticeable to residents than others, but all of them essential for either maintenance or improvement of City systems. They run the gamut from simple street intersection upgrades to the more visible improvements that will be taking place in most of our parks, such as much needed restrooms renovations and trails expansions. I'm pleased to note that the carts and two trucks for our sanitation upgrade will be included in the 2016 Bonds so we can move forward on that effort. Every resident of Bloomington will benefit from the projects these bonds make possible."
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