PORTAGE, MI (WKZO AM/FM) — New infrastructure improvements could be coming to the city of Portage thanks to a bond.
Earlier this week the Portage City Council approved borrowing 8.4-million dollars through their Capital Improvement Program for a number of ongoing projects.
The money breaks down as follows:
- $6,000,000 cost for replacing Portage’s Fire Station #2
- $1,050,000 for traffic signal improvements at South Westnedge Avenue and Shaver Road
- $900,000 for reconstruction of West Milham Avenue and Oakland Drive to South Westnedge Avenue
- $450,000 for the Portage Road Trailway
According to the city’s meeting agenda, they currently have a General Fund surplus of $1,181,343 over the 24% target fund balance as of June 30, 2019. This money will be transferred to the Capital Improvement Fund to reduce the amount borrowed.
It continues by saying, “In conjunction with this new money bond issue will be a refunding bond issue to refund three series of Capital Improvement bonds from 2010, 2011, and 2012 with interest rates from 3% to 4.625%. The (19) Adoption of Bond Resolution Page 2 of 2 combined effect on total city debt of a new debt issue of as much as $8,400,000, currently scheduled principal payments, and the redemption of the three bond series will be a debt reduction of over $200,000.”
The bonds will be paid off over 20-years. The fire station is expected to be completed this summer while the other road projects are slated for construction in the spring.
