PAWTUCKET â€” When city voters head to the polls on Tuesday to choose the next president and decide a few local races, they will also be asked to consider a number of ballot questions pertaining to an assortment of statewide issues and about $8 million in local capital improvement projects.
The capital projects will be paid for through bonds that will be amortized with level payments over 20 years. The cost estimates given by city officials assumes an interest rate of 5 percent, with the total cost in principal and interest estimated to be at around $13 million over the 20-year period. It is noted, however, that the actual interest rates will vary depending on the bond market at the time of the issuance.
Of the $8 million that would be borrowed, $5 million would be for the health, safety and fire code-related emergency repairs, renovations and equipping of the city's public school buildings. School officials say that the state is expected to reimburse 75 percent of this cost.
City officials are looking to borrow $1 million for construction and reconstruction of streets and sidewalks; $300,000 for the construction and reconstruction of the sewer and sanitation system, $200,000 for the improvement and replacement of traffic control devices, and $200,000 for the reconstruction of bridges.
The city is also seeking $600,000 for the renovation, reconstruction and equipping of public recreation facilities; and $700,000 for the renovation and improvement of the Leon Mathieu Senior Center, Pawtucket Public Library, police and fire stations, City Hall, and other public buildings.