Cleveland Heights Council to Borrow $1.56 Million For Budget

The Cleveland Heights City Council plans to borrow $1.56 in municipal bonds to fund its $11.2 million capital improvements budget, reported Cleveland.com.

City Finance Director Tom Raguz said the General Obligation debt would be paid over 14 or 15 years, and that the interest rates on the debt would remain low.

The municipal bond issue will be introduced on March 21 at a council meeting. It will also be discussed on April 4.

The $1.56 million bond issue would cover the following:

• $500,000 for repairing the parking lot and driveway of the Cedar Road Fire Station No. 2
• $280,000 for a Toolcat utility work machine, wood chipper and other equipment for the Public Works Department
• $272,000 for repaving the parking lots of Lancashire Road and Euclid Heights Boulevard and three near the Cedar-Lee business district; money will be left over for three other lots next year
• $165,000 for Network Switches and Virtual Desktop improvements at the Information Technology Department
• $105,000 for three police SUVs
• $63,000 for small vehicles like a Ford Excursion for the fire department
• $60,000 for repairing the fire department's ladder truck
• $36,000 for a new telephone and radio records system, and other improvements to City Hall
• $35,000 for cable television equipment
• $28,000 for a new parking meter vehicle

Most of the $11.2 million capital improvements budget will go towards street repairs. An estimated $9 million in funding will come from federal, county and state revenue.