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BMA poised to OK bond issuance for capital projects

September 16th, 2013 10:46 pm by Matthew Lane

BMA poised to OK bond issuance for capital projects

KINGSPORT  —  The Board of Mayor and Aldermen is expected to move forward tonight on issuing nearly $30 million in bonds to cover the cost of the city’s 2014 capital improvement plan.

 Two key projects  —  the J. Fred Johnson Stadium renovation and the new softball/baseball complex  —  have essentially been holding up the bond issuance since July, but with a company nearly selected for the stadium work and land under option for the ball fields, city leaders have decided to take the next step toward issuing bonds.

 The 2014 CIP stands at approximately $28.3 million. Nearly $4.4 million is earmarked for water projects, just over $10 million for sewer projects, Kingsport City Schools is on deck for $1.2 million while $1.3 million is to pay back an internal loan for the aquatic center’s lazy river.

 During a BMA work session Monday, City Manager John Campbell noted the final cost of the bond issuance is the same as it was in July, but noted three changes have been made. The first change is that $350,000 has been allocated for the carousel project.

Read more in Tuesday's print edition of the Times-News or in the expanded electronic edition.

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