St. Charles Voters to Consider $15.7 Million in Bonds
St. Charles will ask voters to approve issuing three propositions in general obligation bonds for a new fire station, public works building, and city parking garage repairs.
St. Charles is planning to build a new fire station, a public works building and make major repairs to the aging city parking garage.
The $15.7 million in projects will be paid for with general obligation bonds, if voters approve the propositions on Tuesday.
Council members say the projects are necessary to complete and will be done even if residents fail to pass the $15.7 million in propositions.
The three propositions are:
- Proposition 1: Issuing $8.3 million for building a public works facility
- Proposition 2: Issuing $3.3 million for repairing City Hall parking garage
- Proposition 3: Issuing $4.1 million for constructing and furnishing a fire station. The total cost will be $5.4 million but the city has $1.5 million cash for the project.
City Administrator Michael Spurgeon said using general obligation bonds will allow the city to save $1 million during the 20-year life of the bonds.
Should residents fail to approve the propositions, the city would seek a different financing method, which could cost more money in the long-term.
Spurgeon said the city is presenting this as no tax increase bonds which will be paid for using casino revenue, and capacity in the property tax levy that can be put toward debt service.
In addition, the city is putting forth a proposition for water line insurance. The city will offer an insurance line program for water lines which would reimburse property owners up to 80 percent of approved water service line repair costs. Cost to participate in program is $12 a year or $1 a month if it's approved by voters.