Council to vote on street improvement bonds
By Joey Pitchford
Published in News on June 25, 2018 5:50 AM
The Goldsboro City Council will vote on the sale of $4.5 million in general obligation bonds earmarked for street improvements during its meeting tonight.
The bonds are part of the city's plan to use $7 million in bonds, which were approved by voters in November 2016.
The first bond sale took place last summer, when the city sold $2.5 million in street improvement bonds and $3 million in recreation bonds in May 2 at a 2.79 percent interest rate and 20-year term. The council is expected to adopt a resolution tonight approving the sale of the remaining $4.5 million, which will help further fund street resurfacing projects throughout the city.
If approved, the city will work with the Local Government Commission to sell the bonds at an open sale, with a date yet to be determined.
To date, the city has sold $5.5 million of the total $10 million in bonds approved by voters in 2016. In addition to the $7 million in street improvement bonds, voters also approved $3 million in recreation bonds, the sale of which helped the city construct its multi-sport complex on Oak Forest Road.
In other business, the council will consider:
* Several fiscal year 2017-18 budget amendments, including $31,000 in extra funding for the Summer Youth Program and $69,000 extra for gasoline purchases.
* Updating the city's federal property forfeiture program to allocate $1,312.28 in seized drug money and controlled substance tax remittance to the Goldsboro Police Department.
* Revising the city's conflicts of interest and purchase/procurement guidelines to include updated federal Uniform Guidance Procurement Standard.