Vienna officials in March plan to issue about $12 million worth of bonds to pay for future capital-improvement projects. The Vienna Town Council on Feb. 7 unanimously passed an ordinance to allow the bond sale.
About 44 percent of the bonds will be used to construct and improve streets and sidewalk. Thirty-three percent will go toward water-and-sewer projects and be financed with fees from those services. The remainder of the bond moneys will be spent on smaller facility upgrades, public-use vehicles, parks-and-recreation initiatives and bond-issuance costs.
Meals-tax revenues will cover nearly $6.8 million worth of the bond costs, water-and-sewer fees almost $3.95 million and $1.2 million will come from the general fund.
Low interest rates make now a good time to borrow money for capital improvements, said Council member Charles Anderson.
“The town does not take borrowing $12 million lightly,” he said. “It’s a very fiscally smart and responsible thing to do. Money is cheap.”