City bond issue trimmed to $18 million

Assistant City Manager Tim Burchfield reported to Historic City News that after more definite figures were determined on the city’s cash flow for the coming year, he will ask St. Augustine City Commissioners to consider resolutions Monday to authorize up to $18 million in bonds.

The figure is reduced from an earlier projected $22.5 million, and actual project costs total $15.4 million.

If approved, the City will use the proceeds from the sale of bonds for a variety of capital improvement projects.

On the current list are:

$6.7 million for the Riberia Street project
$5 million for utility improvements
$2.5 million for Municipal Marina dredging and breakwater
$1.2 million for Riberia Street landfill bulkhead, wayfinding signage, and sidewalk and street improvements

Dropped from the original project list are entry corridor improvements, replacement of the Anastasia Island fire station, and two new fire trucks. “We hope to purchase those necessary trucks with reserve funds,” Burchfield said.

The final figure will be determined with anticipated sale of the bonds to RBC Capital Markets, LLC, of St. Petersburg FL.

Photo credits: © 2011 Historic City News staff photographer