JAMESTOWN – The Jamestown City Council will continue its review and discussion of a $3,000,000 bonding proposal when it meets tonight in city hall. The bonding plan is being put forward to help pay for equipment purchases as well as several emergency projects.
Last week, Jamestown city comptroller Joe Bellitto and Public Works Director Jeff Lehman introduced the plan and went over the details, saying it would cover the purchase of nine vehicles at a cost of $955,000 – along with several capital improvement projects – including a $1.2 million renovation of the Tracy Plaza.
Both Jamestown Mayor Sam Teresi and Bellitto say that the bonding is a last resort, but is necessary to take care of emergency projects that city taxpayers can’t afford to tackle in the annual budget. They also say that because interest rates are at an all-time low and because the city is at just 35 percent of its borrowing limit – now is the time to borrow the money.
If the council does borrow the full amount, about $1 million would have to be paid back within 15 years, because it covers equipment purchases. The remaining $2 million could be paid back over 20 to 25 years because it covers capital improvements.
The city council will continue to discussion the plan during tonight’s work session, which begins at 7:30 p.m. It will likely act on a resolution to borrow the money during the January 26 voting session. Both meetings are open to the public.
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