The Dispatch wrote $440 million in projects a go no matter what voters say
Sunday, October 19, 2008
BY ROBERT VITALE
The city wants your blessing on a plan to borrow $1.66 billion over the next five years to fix streets, upgrade sewer lines and buy firetrucks and police equipment. With or without it, though, much of the to-do list still will get done.
Projects totaling almost $440 million – more than a quarter of the total for the biggest bond package ever put before Columbus voters – must go forward even if they don’t win approval Nov. 4.
The bond package will appear as six separate questions on the ballot: money the city wants for safety and health projects ($86.1 million), road work ($345.6 million), water-quality projects ($524.7 million), trash-collection equipment ($32.2 million), sewer improvements ($551.9 million) and recreation and parks projects ($124.2 million).
Voters’ OK would let city government borrow the money at lower interest rates. That’s because voters would be agreeing, in effect, to become co-signers for the loans. Coleman and other city officials say they’ll keep a 52-year-old promise to set aside existing taxes to pay off city debt. Voter approval will slash $28 million off the city’s interest payments for the entire package.
Related Stories:
– City to propose $1.66B bond package