Pittsburgh Council approves $62M bond issuance for capital projects in 2019

Pittsburgh City Council on Tuesday approved a $62 million bond issuance for capital improvements in 2019.

The money will be used for such things as street paving, facility improvements and equipment listed in the city’s 2019 capital budget.

Members also approved the hiring of Clark Hill, a Downtown law firm, to serve as bond council for a maximum fee of $36,125.

Both resolutions passed by a final vote of 8-1 with Councilwoman Darlene Harris of Spring Hill voting no. She has said the city is taking on too much debt.

Officials said they expect a 3.5 percent interest rate on bonds payable over 20 years. The money will be used exclusively to help fund the city’s $133 million capital budget with remaining funds coming from a city surplus and grants from the federal and state government.

The capital budget includes $20.2 million for street paving in 2019, $22.4 million in facility improvements and about $60 million in construction projects.

Bob Bauder is a Tribune-Review staff writer. You can contact Bob at 412-765-2312, bbauder@tribweb.com or via Twitter @bobbauder.