Allegheny County seeks nearly $114.5M in bonds for infrastructure projects

Allegheny County, Pa., Executive Rich Fitzgerald wants to raise nearly $114.5 million through issuing bonds to pay for the county's capital budget.

The money will help fund two years of the capital budget.

Fitzgerald will present the bond proposal to county council members at their meeting Tuesday. The proposal will then be sent to a committee for further review.

Rich Fitzgerald, Allegheny County Executive

County officials declined to comment further on the bond proposal until it goes to council.

The bonds will fund infrastructure projects in 2019 and 2020. They won't be used to refinance old debt.

The county last sold bonds in 2016 when it sought up to $309.5 million to refinance old debt and $115 million for infrastructure projects. The county hoped to save $15 million to $20 million in interest payments on the old, refinanced debt. The county was expected to spend an estimated $1,354,000 on banks, law firms, rating agencies, other costs and commission on the 2016 bond issue.

More than a third of Allegheny County's $106.6 million capital budget is funded by bonds.

The county expects to spend $85.2 million on capital projects in 2019 and $91.5 million in 2020, according to the five-year capital improvement plan included in the 2018 capital budget.

In 2019, the county intends to spend $16.8 million from bonds on road repairs and improvements and $1.8 million from bonds on bridge projects including work on the 10th Street Bridge, the Rachel Carson Bridge and the Dockers Hollow Bridge. The county plans to spend $9 million from bonds on building repair, renovation and construction including putting a new roof on the county jail. The county expects to spend $9.3 million from bonds on equipment in 2019 and more than $2.5 million on parks.

In 2020, the county expects to spend nearly $44.5 million from bonds on roads, bridges, parks and equipment. Major projects for 2020 include work the Roberto Clemente (Sixth Street) Bridge, the Armstrong Tunnel and Campbell's Run Road.

Tribune Content Agency
Infrastructure Transportation industry Pennsylvania
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