Tag Archives: debt

Despite outcry, city moves forward with debt-funded plan

The City Council narrowly approved a controversial bond-funded plan Wednesday that would put nearly $1.8 million toward small-scale capital projects.

“We’re all taxpayers and wish the city could meet its obligations without going into debt,” said Councilman Barry Peters. “Projects like the famous bathroom are now virtually done and we have to pay for it,” he said, noting that the long delayed Waterfront Park restroom is, after almost eight years, finally set for completion in the coming months.

Road repairs, bicycle lanes and city dock upgrades were also included in the bond-funded plan.

While using bonds to fund capital projects is common, critics argued that most of the plan’s elements were for small items that could have been paid for out of the general fund or deferred to a later time when the city wasn’t facing a $2.5 million revenue shortfall.

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