City bond issue funds many projects

Historic City News reported in March when the St. Augustine City Commission approved the issue of $18 million in municipal bonds — a loan to the City from the purchasers of the public debt instruments.

The Fiscal 2012 budget breaks down the actual amount of the bonds after fees and closing costs indicating a $15.4 million remainder in borrowed money.

Use of bond proceeds in the General Fund:

• Riberia Street peninsula bank stabilization $800,000
• Wayfinding signage for downtown $100,000
• Street resurfacing/sidewalk repairs $250,000
• Island fire station and other miscellaneous $40,000

Use of bond proceeds in the Utility Fund:

• San Sebastian river force main $625,000
• Volusia/Pearl Street upgrades $510,000
• King Street drainage phase 2 $340,000
• Utility projects, priority a $3,525,000
• Riberia Street phase 1 $1,099,125
• Riberia Street phase 2 $1,922,000

Use of bond proceeds in the Stormwater Fund:

• Riberia Street phase 1 $1,800,875
• Riberia Street phase 2 $1,888,000