Hagerstown briefs

October 04, 2006|by JENNIFER FITCH

City considers bond due to interest rates

The Hagerstown City Council on Tuesday discussed issuing a bond up to $9.965 million in the next several months to take advantage of current interest rates.

The council agreed to Finance Director Alfred Martin's proposal to start the process, "so we can bargain in good faith with our potential lenders in the marketplace," he said.

However, the council scrutinized Martin's list of capital improvements projects, some of which Councilman Kristin B. Aleshire said shouldn't be classified as such.

Approximately $8.5 million of the borrowing would be for projects already committed to or absolutely needed, Martin wrote to the council in a Sept. 29 memo. Those include an intersection upgrade at Edgewood Drive and Dual Highway, increased roads resurfacing in 2006 and a new street sweeper and garbage truck.


The council might issue a 15-year bond for as much as $10 million that will allow banks to get an additional income tax deduction for holding it, Martin said.

Martin said the council might further review the capital improvements list, and the final amount of the bond could be decided next month.

City to donate money for Mummers Parade

The City of Hagerstown will allocate $2,000 to the Alsatia Club for the Oct. 28 Mummers Parade.

The 2005 donation from the council also was $2,000, City Administrator Bruce Zimmerman wrote in a memo.

The Alsatia Club also said it wants to hang banners on the parking deck and list sponsors on Antietam Cable and the city's Web site.

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