Council to consider borrowing Monday
JANESVILLE--The Janesville City Council will be asked at its Monday meeting to approved almost $11 million in new borrowing, including about $7.83 million for capital projects.
“This is a basic infrastructure note issue, most of which has already been committed to by the city council,” said Acting City Manager Jay Winzenz.
The new debt would cost the owner of an average home assessed at $120,100 an additional $18.66 in 2014. Total debt payment in 2013 for that same homeowner is $167.69.
Total general fund borrowing as of Dec. 31 was $75.2 million, representing 2 percent of the equalized valuation. The state limits debt to 5 percent of equalized value. Council policy limits debt to 2.5 percent of equalized value.
The money would:
-- Repair streets and other public works projects: $3 million. Includes curb and gutter replacements, sidewalks, River Street and Milton Avenue reconstruction and North Pearl Street rehabilitation.
-- Complete second phase of landfill closure and purchases compactor: $2.1 million.
-- Replace quint fire engine and ambulance: $1.4 million.
-- Provide final share of local match for new bus garage: $435,000.
-- Make technology improvements: $350,000.
-- Buy golf course equipment: $200,000.
-- Replace city services center fuel island: $145,00.
-- Buy heat exchanger for the wastewater utility's anaerobic digesters: $110,000.
-- Repair storage barn at the Youth Sports Complex: $90,000.
-- Renovate Oakhill Cemetery maintenance building: $72,000.
-- Renovate Camden Playground: $70,000.
-- Renovate Dawson Fields: $50,000. Replaces warning track material on four fields and lighting on two fields.
-- Renovate water facilities, $50,000. Includes repainting and new water features at Palmer Park Wading Pool and replacement of a hot water tank at Rockport Pool shower house.
-- Repair and replace bike trail in the Palmer Park area: $50,000.
-- Renovate Palmer Park Hilltop playground area: $40,000.
-- Complete bus capital projects: $37,000. Includes replacement of a utility vehicle, radio system and coin sorter.
-- Replace traffic signals and street lights: $20,000.
The remaining borrowing will be paid back through special assessments, tax incremental finance district No. 21 and fees paid for water and wastewater.
Last updated: 3:29 pm Friday, October 11, 2013