The Sun Valley City Council has found agreement about a five-year plan to make capital improvements in the city. Now, council members need to convince the public to pay for it through a bond measure.
The council at its Aug. 18 meeting approved the proposed Five-Year Capital Improvement and Fixed Asset Plan, which is an excerpt from the city's 20-year Capital Improvement Assessment. The cost of the five-year portion is estimated at $14,089,080.
"The overwhelming bulk of it will be streets and paths," said Mayor Wayne Willich.
Nearly 85 percent of the figure is designated for roads and paths, with the remaining 16 percent for fixed assets. Much of the fixed asset portion is for a new aerial-tower fire truck, half of which will be paid for and owned by Ketchum.
"It's those critical matters," said Councilman Nils Ribi, adding, "In general, I think we're in pretty good shape."
The city is pursuing a general obligation bond election in November. To pass, the measure needs the approval of two-thirds of people casting ballots.
Willich said in an interview that the timing for a bond is good because interest rates as well as contractor bids are low.
"All of our financials are strong," he said. "We should be able to (get) a very low interest rate."
The council on Thursday contracted with Boise-based law firm Hawley Troxell. Firm attorney Nicholas Miller will serve as bond counsel, and will advise the city about related state and federal law and will prepare the legal documents in connection with the bond issue.
With the contract, the law firm also is "underwriting the legal validity of the bond," Miller said.
The bond measure will include payment for external services, so voters likely will see a $14,250,000 amount for the bond rather than the $14,089,080 calculated for the five-year CIP.
"The difference ... will pay all the costs of the bond issue," Miller said.
The council was scheduled on Tuesday to interview firms to serve as a financial advisor for the bond issue.
Rebecca Meany: rmeany@mtexpress.com
