Thursday, 16 June 2022 13:45

Saratoga Springs Issues Municipal Bonds for 2022 Capital Projects, Plans for Capital Projects

SARATOGA SPRINGS — The city of Saratoga Springs sold $17,137,299 Public Improvement Serial Bonds on June 9 at a Net Interest Cost of 3.90%, according to a statement issued by the city Finance Department. 

“Saratoga Springs expects significant surplus results for fiscal 2021 because housing activity has been robust, sales taxes have rebounded, and major tourist attractions have reopened,” according to a report by Standard & Poor. “Officials expect fund balance to grow, replenishing reserves spent during fiscal 2020. In our opinion, robust financial-management policies and access to the broad, diverse metropolitan statistical area provide additional rating stability.” 

 With the proceeds of the bond issue, the City plans to accomplish several capital projects that were approved prior to the COVID-19 pandemic, including the third fire/EMS facility. The bonds will finance multiple water infrastructure projects, and the city will also complete repairs on the Canfield Casino and the Visitors Center. A specially designed recycling truck will be purchased to facilitate recycling downtown. 

“The city chose to postpone financing for the construction of the third fire/EMS station during the pandemic, a fiscally prudent measure given the uncertainty of 2020 and 2021,” said city Finance Commissioner Minita Sanghvi.  “Our city has recovered to the point that we are now moving ahead with financing and construction of this vital city resource. This financing also supports water infrastructure, historic preservation, and recreation facilities.”

Topping the cost list of 2022 requested items are the East Side Fire and EMS facility (with requests of $6.7 million and $400,000), Water Infrastructure Improvement Plan ($1.393 million), and Loughberry Lake Dam Embankment & Spillway ($1.275 million).   

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