2018 Birmingham warrant issue

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