Public hearing set Thursday
Published 12:00 am Wednesday, October 3, 2007
THE SELMA TIMES-JOURNAL
There is a public hearing set for Thursday at 5 p.m. at the Carl Morgan Convention Center on the city’s proposed bond issue, seeking public input on what the citizens would like to get out of it.
Mayor James Perkins Jr. has held a series of Town Hall meetings with young people, who have expressed interest in the city getting some things done that would benefit youth, like a movie theater.
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The proposed bond issue is in the city’s budget plans for the coming fiscal year and he said now is the time to decide what the funds would be used for.
Municipal bonds are debt obligations issued by states, cities, counties, and other governmental entities to raise money to build schools, highways, hospitals, and sewer systems, as well as many other projects for the public good, according to FMSbonds.com, a complete online resource devoted exclusively to individual municipal bond buyers.
The City of Selma’s existing bond debt from a 1999 bond is $1,715,000. The city makes annual payments totaling $297,881. Perkins wants to add $4,374,911 in new bond debt to acquire new vehicle and heavy equipment for various departments, including nearly $600,000 for a new garbage system for the public works department, according to the proposed budget.
The funds could also be used for an upgrade to public safety server and software, traffic cameras, a business application computer system, repairs and maintenance to city buildings. Also targeted are funds to resurface the track at Memorial Stadium, and to purchase a new stump grinder.