The Oak Ridge City Council will consider a $14.3 million initial debt resolution in a special meeting on Tuesday.
The debt could include about $5.87 million for projects known as ESCO Projects that appear to be related to energy-efficiency projects in the city and its school system; $4.1 million for software, including for financial management and utility billing; $3.4 million for a replacement and upgrade of the radio system used primarily by the city’s police and fire departments; and $1 million mostly for design and engineering costs for the Oak Ridge Preschool and Senior Center.
If it’s adopted, the initial debt resolution, which calls for issuing up to $14.3 million in general obligation bonds, will be published in the newspaper. That will start a 20-day period in which at least 10 percent of registered voters in Oak Ridge can petition for a referendum on issuing the debt.
The bond resolution for issuing the debt would come before City Council for possible adoption at a regular meeting on Monday, October 9. [Read more…]