CHAGRIN FALLS, Ohio – Village officials approved borrowing $1.2 million for capital equipment and infrastructure projects Feb.13. Village Council voted to suspend the rules for second and third readings of three proposed emergency ordinances seeking bonds, and then voted to adopt them.
Joan Rusek/Special to cleveland.com
Ordinance 2017-06 authorizes bonds up to $369,000 for road and street projects to be determined at a later date. One project mentioned in need of funding is Walters Road. However, the funds could be used for general road maintenance and repair of any road, if grants or other funding is obtained.
Authorizing bonds of up to $406,000, Ordinance 2017-07 seeks to acquire a combination sewer jet/vacuum truck to be used for sanitary sewer maintenance and improvements.
Ordinance 2017-08 would provide up to $425,000 for construction of a salt storage unit for the village service department.
All three sets of bonds would be paid back over a 10-year period from increased income tax proceeds approved by voters in November.
Councilman Brett Berkobein questioned the cost of the sewer jet/vacuum truck, stating he would rather see more funding for road projects. He voted in favor of the three ordinances, after learning that competitive prices would be sought, which could reduce the cost of the truck.
According to Mayor William Tomko, preliminary bond rates appear to be “extremely favorable” currently with interest rates as low as 2.5-percent.
Councilman James Newell praised his fellow councilmen for their “forward-thinking” actions.
“I’m glad we are moving forward to lock down these rates that will get us on track with maintenance projects for the next 10 years.” He said.
“We’ve been deferring these projects for some time now,” Council President, Karl Maersch said. “Our roads are not getting any better.”
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