City of St. Augustine's St. Augustine Report::

$18 million bond issue approved

St. Augustine's City Commission Monday approved a pared down bond issue for capital improvement projects.

The $18 million figure was reduced from $22.5 million as officials studied more current estimates of the city's cash flow. Of the $18 million, $15.4 million will go toward projects, the balance toward anticipated fees and closing costs.

The city's bond underwriter, Mitch Owens of RBC Capital Markets, said the city has an excellent bond rating, while Assistant City Manager Tim Burchfield said high priority was given to the city's ability to carry the bonded debt without raising property taxes.

Officials hope to go into the marketplace in the next two weeks and close on the bond sale by the end of April.

Among projects cut in the trimmed list is a new fire station on Anastasia Island. Burchfield said the city hopes to adjust other project funding to provide $30,000 for hurricane shuttering of the station.

Projects and amounts include Riberia Street $6.7 million, utility improvements $5 million, Municipal Marina dredging and breakwater $2.5 million, and $1.2 million for Riberia Street landfill bulkhead, wayfinding signage, and sidewalk and street improvements.