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Thursday, June 25, 2009
Carlsbad to Start Spending Bond Revenue
The Associated Press
CARLSBAD, N.M. (AP) — Carlsbad city officials expect to have money from $8.3 million in gross receipts tax revenue bonds within a month, and have designated projects to spend it on.
City administrator Harry Burgess says $4.8 million will be used for streets and the rest will go to upgrade the city's water and sewer system.
City councilors on Tuesday authorized issuing the bonds dedicated to the projects. Burgess says the bonds will be paid off over the next 20 years.
Carlsbad voters approved the gross receipts infrastructure tax last September, and it went into effect Jan. 1.
Burgess says city officials expect to issue a second bond for $14 million in about two years.
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Information from: Carlsbad Current-Argus, http://www.currentargus.com/
Copyright ©2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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