2018 Birmingham warrant issue: Difference between revisions
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The '''2018 Birmingham warrant issue''' was a sale of $40 million in capital warrants offered by the [[City of Birmingham]] to finance development of a new [[Bus Rapid Transit]] system and the [[Grand River Technology Park]] | The '''2018 Birmingham warrant issue''' was a sale of $40 million in capital warrants offered by the [[City of Birmingham]] to finance development of a new [[Bus Rapid Transit]] system and several other public projects. | ||
The warrant offer is for a 25-year repayment period with an anticipated interest rate of 3.68%, to be paid from the city's general fund through [[2043]]. Along with the new warrants, the city refinanced $40 million of [[2007 Birmingham bond issue|Series 2007A bonds]], for a savings of about $7 million to the city's bond reserve fund over their remaining term, to [[2033]]. | |||
==Funded projects== | |||
* $20 million: matching funds for federal grants for [[Bus Rapid Transit]] system | |||
* $1.75 million: additional funding for [[Bus Rapid Transit]] system | |||
* $7.5 million: expansion of [[Birmingham Eastern Landfill]] | |||
* $4.6 million: site work for [[Grand River Technology Park]] | |||
* $2.25 million: repairs and upgrades at [[Legion Field]] | |||
* $1.5 million: replacing escalators at [[Birmingham Central Library]] with stairs | |||
* $800,000: funds toward replacement for [[Wylam Library]] | |||
* $750,000: repairs and upgrades at [[Boutwell Auditorium]] | |||
* $600,000: add basketball courts at [[Birmingham Crossplex]] | |||
==References== | ==References== | ||
* "Birmingham | * Edgemon, Erin (July 30, 2018) "How Birmingham plans to spend $40 million in capital improvements warrants." {{BN}} | ||
[[Category:Bond issues]] | [[Category:Bond issues]] | ||
[[Category:2018 events|Birmingham warrant issue]] | [[Category:2018 events|Birmingham warrant issue]] | ||
Latest revision as of 16:39, 31 July 2018
The 2018 Birmingham warrant issue was a sale of $40 million in capital warrants offered by the City of Birmingham to finance development of a new Bus Rapid Transit system and several other public projects.
The warrant offer is for a 25-year repayment period with an anticipated interest rate of 3.68%, to be paid from the city's general fund through 2043. Along with the new warrants, the city refinanced $40 million of Series 2007A bonds, for a savings of about $7 million to the city's bond reserve fund over their remaining term, to 2033.
Funded projects
- $20 million: matching funds for federal grants for Bus Rapid Transit system
- $1.75 million: additional funding for Bus Rapid Transit system
- $7.5 million: expansion of Birmingham Eastern Landfill
- $4.6 million: site work for Grand River Technology Park
- $2.25 million: repairs and upgrades at Legion Field
- $1.5 million: replacing escalators at Birmingham Central Library with stairs
- $800,000: funds toward replacement for Wylam Library
- $750,000: repairs and upgrades at Boutwell Auditorium
- $600,000: add basketball courts at Birmingham Crossplex
References
- Edgemon, Erin (July 30, 2018) "How Birmingham plans to spend $40 million in capital improvements warrants." The Birmingham News