Saratoga officials OK $4.7M in bonding

Ivins pointed out that the city would pay $5,100,000 in interest, at a rate of 4.25 percent on an $8 million bond over 30 years. He also noted that bonding in Saratoga Springs doubled from 2005 to 2006 and into 2007.

"I would like to see more info from public safety (committee) that's the conservative thing to do," quipped Scirocco.

Johnson closed out the debate by stating that he could not bond a project that yet has a cost or location. The city doesn't know what it is getting for its money, he said.

"I'm certainly not going to be burdening the taxpayers with our over-bonding," he said.

The approved bond of $4,732,387 will cover other improvements, such as Vanderbilt Avenue storm drainage and infrastructure, Jefferson Street sewer improvements, both at $1 million; and Geyser Park lights and field improvements at $253,000.""

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