Fall River’s bonding request was approved yesterday which will bring studies, improvements, and a cheaper Durfee High School for taxpayers.
The Municipal Finance Oversight Board granted approval for the City of Fall River to use the state’s bond rating to borrow money to fund projects.
The meeting held at 11:00 a.m. on Thursday at the State House in Boston determined that the City of Fall River could use Massachusetts’ bond rating for $129,218,247 in bonds for the following projects:
•feasibility studies for various school building and repair projects
•a feasibility study for a bike path
•master improvement plan for the integrated wastewater and stormwater system
•Durfee High School building project
•Police Department vehicles
•roof and door replacement at various fire stations
•roof replacement at Government Center
•repairs at Tansey School
•a public safety communication and video network
According to the mayor’s office, Tansey/Watson and Westall studies were all approved. Tansey/Watson study will cost $250k with the city only paying $50k. Westall Feasibility Study will also cost $250k with the city only paying $50k.
The Mount Hope Bike Path Feasibility Study will cost the city $240k. This study had been approved previously by the City Council.
The City has the ability to use the state bond rate which is half a point less than the city rate. This decision will mean the city’s taxpayers will pays less due to less interest having to be paid out. For example, Durfee will now cost the taxpayers less than originally planned because of the City’s ability to use the State’s rate.
The City is going out for short term bonds. They are selling about 90 million in bonds. 60 of that 90 million is for the new Durfee High School