Pittsburgh City Council discusses a $62 million bond issue for capital improvements in Council Chambers on Jan. 23, 2019.
Pittsburgh City Council on Tuesday approved a $62 million bond issuance for capital improvements in 2019.
The money will be used for such things as street paving, facility improvements and equipment listed in the city’s 2019 capital budget .
Members also approved the hiring of Clark Hill, a Downtown law firm, to serve as bond council for a maximum fee of $36,125.
Both resolutions passed by a final vote of 8-1 with Councilwoman Darlene Harris of Spring Hill voting no. She has said the city is taking on too much debt.
Officials said they expect a 3.5 percent interest rate on bonds payable over 20 years. The money will be used exclusively to help fund the city’s $133 million capital budget with remaining funds coming from a city surplus and grants from the federal and state government.
The capital budget includes $20.2 million for street paving in 2019, $22.4 million in facility improvements and about $60 million in construction projects.
Bob Bauder is a Tribune-Review staff writer. You can contact Bob at 412-765-2312, [email protected] or via Twitter @bobbauder.