Clarkdale to consider general obligation bond to fund street improvements
The Clarkdale Town Council will discuss the Citizens Bond Committee’s recommendations at the regular council meeting Tuesday at 3 p.m.
The Town has worked with a consulting firm to assess the roads in Clarkdale and develop estimates of improvement costs, a ranging from $5.3 million to $14.7 million.
Town Manager Gayle Mabery appointed a Bond Citizens Committee, made up of residents and property owners in Clarkdale, in March.
Following meetings throughout April and May, the committee developed three recommendations for the council:
• The Clarkdale Council should call for a General Obligation Bond Election in November for the issuance of bonds payable from a secondary property tax for the purpose of public street repairs/improvements
• The principle amount of the bond should not exceed $6 million with a 10-year maturity date
• The council should allocate additional dedicated funding sources for on-going maintenance and preservation to provide sufficient funding to ensure a sustainable pavement management program
The council will consider these recommendations at the Tuesday meeting. The Town currently does not have any other outstanding general obligation bonds and the maximum capacity of general obligation bonding is $10.7 million, according to the Town’s investment banking firm.
“Should the Town Council choose to pursue a G.O. bond, an updated analysis will be required, and the details of that analysis would be included in a publicity pamphlet that would be sent to all registered voters preceding the November, 2018 election,” Mabery said.