Explore Carroll: Westminster approves borrowing up to $3.5 million by Jim Joyner

Explore Carroll: Westminster approves borrowing up to $3.5 million by Jim Joyner

City approves borrowing up to $3.5 million

Jim Joyner, 7/10/08

Westminster’s Common Council this week approved an ordinance authorizing the city to take out a general obligation bond of up to $3.5 million for road overlay projects.

The city called a special meeting on Wednesday, July 9, and voted to introduce and approve the ordinance. The votes were unanimous.

Mayor Tom Ferguson said the money will pay for road repairs that are needed, but he cautioned the council that the city may decide not to employ the full bond amount — if asphalt prices keep rising. Prices, he said, are “going due north,” and will already affect the number of projects the city thinks it can accomplish.

“$3.5 million isn’t going to buy us as much road repair as we thought when we first started talking about this,” he said. If that impact becomes too great, he said, the city could put the projects on hold and simply not borrow as much.

The mayor and council will meet at 7 p.m. Monday, July 14, and discuss potential projects to tackle. For details, call the mayor’s office at 410-848-2522.The general obligation bond will be with BB&T Bank and is structured for nine years, with a two-year interest-only component.

If the city chooses not to use the full amount, there is no penalty for early repayment, officials said.

20080710 Explore Carroll: City approves borrowing up to $3.5 million by Jim Joyner

http://www.explorecarroll.com/news/209/city-approves-borrowing-up-35-million/
_____

Westminster Dept Public Works Street Dept road overlay program, Westminster Dept Finance Budget 2008 – 2009 FY,