Fitzgerald wants Allegheny County to issue $247M in bonds
Allegheny County Executive Rich Fitzgerald is asking county council members to issue up to $247 million in bonds to refinance debt and pay for bridge and road work and other projects.
About two-thirds of the money — $165 million — would go toward refinancing 2004 bonds.
Councilman Michael Finnerty, D-Scott, chair of the Budget and Finance Committee, said similar deals in the past saved the county millions in interest payments. Finnerty has not talked with the county administration about details of the proposal.
Council will meet on Tuesday. The proposal will likely be sent to Finnerty's committee for further debate. County spokeswoman Amie Downs said the administration would give information to council before making it public.
Fitzgerald wants council to approve $82 million to help fund capital projects in 2015 and 2016.
Potential projects include repairs to the 10th, 6th, 7th and 9th Street bridges, Bower Hill and Painter's Run roads, and an overhaul of the Homeville Viaduct in West Mifflin, according to the county's most recent fiscal plan.
The county last issued bonds in July 2013. Of the $225.8 million issued, $176 million refinanced debt and $49.8 million went toward capital projects.
The county's bond ratings recently improved. In January, the ratings agency Standard & Poor's bumped up the county's rating from an A-plus to a AA-minus. Fitzgerald attributed the upgrade to an increase in the county's cash reserves, reduced reliance on one-time revenue and state lawmakers' passage of transportation funding and pension reform legislation.
Aaron Aupperlee is a Trib Total Media staff writer. Reach him at 412-320-7986 or firstname.lastname@example.org.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Oakland eatery Fuel & Fuddle to reopen under new owners
- Beloved teacher at 3 Western Pa. schools hears from students across nation
- Pittsburgh Public Safety Director Bucar upset with DA Zappala for alert
- Victim identified in Pleasant Hills apartment fire
- 2 sentenced for avoiding arrest after Steelers player was stabbed
- Feds admit cooperation remains obstacle with corporations, cyber threats
- Private parking lots slow to follow Pittsburgh’s increase in rates
- Duquesne teen to stand trial on charges he shot, killed unborn child
- Pittsburgh seeks $20M a year from nonprofits in talks after dropping lawsuit, paying $148K in legal fees
- 30 cited for blocking street at union rally at UPMC facility
- Foreign influx in Allegheny County at ‘tipping point’