The revenues from the sale will be used for capital projects.
Frederick, Md (KM). The City of Frederick is going to the bond market. In a unanimous vote on Monday, the Board of Aldermen approved an ordinance authorizing the sale of $36.5-million of General Obligation Bonds. The revenue from this transaction will be used for capital projects.
“The projects are either in progress, or are scheduled to begin in the very near term,” says Katie Barkdoll, the city’s Director of Budget and Purchasing, told the Aldermen.. “These are the only projects that can be funded by this issue unless we come back before you for permission to move money to another project.”
Some of those projects include Christophers Crossing, Monocacy Boulevard Central Phase II, Butterfly Lane improvement and realignment and Rosemont Avenue and Baughmans Lane intersection. Also on the list of projects is the Butterfly Lane Water Tank Rehabilitation.
Barkdoll says the ordinance will take affect on December 9th, and the sale of the bonds will occur on the morning of December 11th. “After the bids are received that morning, the Board of Aldermen will convene that afternoon for a special meeting to actually award the sale,” she says.
By Kevin McManus