Mayor proposes $4M bond issue
Published 12:00 am Sunday, August 19, 2007
Plans to build six-theater movie complex
BY VICTOR INGE
THE SELMA TIMES-JOURNAL
Email newsletter signup
In his first draft of next year’s budget Mayor James Perkins Jr. is proposing a bond issue that would be used to purchase heavy equipment, traffic cameras, upgrades to the public safety building, and to build a six-theater movie complex on the Alabama
The budget has $1.5 million of the proposed $4,374,911 in new bond debt, with scheduled payments over 15 years. The city currently has $1,715,000 left to pay on a 1999 bond issue, and Perkins said, &8220;you never want your bond debt to run out.&8221;
Within the proposed bond issue are funds to pay existing five-year capital leases on garbage equipment, vehicles and heavy equipment. It also proposes capital purchases for FY 2008 that include public safety software and server upgrades at a cost of $255,200, traffic cameras and system at $600,000, a business application computer system at a cost of $268,626, and repairs and maintenance of city buildings at a cost of $708,641.
The proposed moving theater would be located on Alabama Avenue and would be built-out by the city. Debt service on the 10-year proposal would be $192,844 a year. While no deal has been inked between the city and a prospective vendor, Perkins said it’s a start.
The city’s only movie theater, the Cahaba Twin located on Highway 80 E, has been closed for years. Selma resident, in a town with a population estimated around 20,000, travel to Montgomery, Prattville and now Greenville for cinematic shows, popcorn and chocolate covered raisins.
The bond issue would have to be decided by the citizens through a vote, Perkins said.
The total projected proposed expenditures for FY 2008 outlined in the mayor’s first draft was $17,551,448. The total projected revenue for FY 2008 is $17,701,385. The amended budget for expenditures for FY 2007 is $18,131,615. The amended revenue for FY 2007 is $18,151,100, according to the proposed budget.