The Little Rock Board of Directors will vote on a resolution next week that will give permission to city staff members to start work immediately on some of the street and drainage projects set for funding under the voter-approved citywide sales-tax increase and millage extension.
The board approved a list of projects last week for each of the city’s seven wards for 2013, 2014 and 2015. There are two more three-year funding cycles for 2016-2018 and 2019-2021 that will be decided on at a later date.
The resolution gives the city permission to get started on designing and bidding out projects using short-term financing from the city’s coffers, which will be paid back from bond money once the board approves issuing bonds for $60 million of the $105 million in anticipated millage revenue.
The resolution does not list which projects will happen first, but said the city plans to pay back all funds within 18 months of the expenditure or within 18 months of completion, depending on the project.
“There are about 15 projects we have identified mostly from the [millage] bond list that are either ready to start or ready to be designed,” said City Manager Bruce Moore. “This will allow us to get started quickly… and it’s something we’ve done in the past.”
Arkansas, Pages 12 on 05/29/2013