Marietta Council addresses city debt issues
After paying off $188,605 in debt in the last year, Marietta City Council introduced legislation Thursday to reissue bond anticipation notes for $3,972,500 in debt Thursday.
The debt is what’s left of 2015, 2016 and 2017 projects covering streets, sewer and capital improvements.
The 304 Putnam St. city building renovation completed in 2015 for a total of $1,400,000, has $1,183,000 left to be paid.
The West Marietta sanitary sewer study completed in 2015 for $91,485, $77,000 left to be paid.
The Alderman Street garage roof, with a final cost of $175,000 in 2016, has $157,500 left to be paid.
City Hall renovations completed in 2016 for $2,655,000 have $2,465,000 left to be paid.
And finally, the 2017 asphalt paving project’s city bond of $100,000 has $90,000 left to be paid.
“Bond anticipation notes, or BANs are one-year instruments which are retired at the end of each year and reissued as we amortize these projects over the life of the asset,” explained Assistant Safety-Service Director Bill Dauber, who oversees the city’s budget. “Every piece of debts service we have is blessed by city council each year.”
The legislation to bless this $3.9 million BAN was introduced by Finance Chair Mike Scales Thursday but will be heard for a final reading and vote March 15.
“I did that so we can explain to new council members exactly what we’re doing before they vote on it,” said Scales, who previously served as an assistant safety-service director under former-Mayor Michael Mullen.
Council also blessed an additional $106,321.66 to be appropriated within the Wastewater Treatment Plant Facilities Upgrade Fund to professional services for continued work on renovations to the plant. The balance will go toward special inspections and the balance of professional services conducted by Stantec Consulting for Scopes 2 and 3 of Phase III renovations.