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BG supports tax-exempt financing to fund projects PDF Print E-mail
Written by Sentinel-Tribune Staff   
Thursday, 04 April 2013 09:43
Bowling Green City Council Monday night unanimously approved a resolution in support of tax-exempt financing.
The city has long used tax-exempt financing to fund projects, such as the aquatic complex under construction at City Park and its portion of the North Main Street widening project.
City officials believe the future of tax-exempt financing is on the table as members of  the U.S. Congress look for ways to generate more income for the federal government.
Under the present law investors who purchase the bonds do not have to pay taxes on the interest they receive. The bonds generally carry lower interest rates, which helps to reduce the cost of projects.
The city also benefits from tax-exempt financing because American Municipal Power sues the method to finance projects. The city purchases it electric power from AMP for distribution and sale.
Council also:
•    Scheduled a meeting of the Community Improvement Committee for April 15 at 6 p.m. to discuss additional concerns of east side residents. Council Member Bruce Jeffers suggested the CIC consider a specific focus for the meeting.
•    Learned a traffic consultant has been contacted about updating a 2006 traffic study of West Wooster Street. Municipal  Administrator John Fawcett said the city will provide data. A preliminary cost estimate is $2,000.
•    Learned the BG Electric Division has been recertified RP III Reliable for 2013-2015 by the American Public Power Association. Director of Utilities Brian O'Connell said the certification "is not easy to obtain."
•    Heard North Grove Street resident Michael Stickles again urge the city to follow state guidelines regarding pedestrian crosswalks around the community.
 

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