The Opelika City Council made history last Tuesday night when they agreed on an ordinance that allows the sale of $62.56 million in general obligation warrants. The said bonds will be employed by the city to fund various municipal ventures which include the renovations and adding new facilities to Opelika High School plus a number of road projects such as the Frederick Road’s widening.
An estimated amount of $38.9 million would be allotted to the high school renovations while $19.4 million would go to the various road projects. The remaining amount of roughly $4.3 million would be used as a payment for the outstanding balance of the city’s prior bond issue last 2002.
With an interest rate of 3.76 percent, the city should repay these bonds not over than 25 years. Before the meeting, City Mayor Gary Fuller thought that this interest rate is the lowest in the history of the city as anyone can remember.
Fuller confidently told the reporters that there is no alarming issue with regards to Opelika’s long term-debt. The recently issued bond will be compensated with the city’s 1 cent-sales tax increase that has just started last August. On the other hand, the $28.3 million bond that was earlier issued this year to finance the Internet and fiber-optic television project of the city is believed to be paid off by the sales and revenues of Opelika Power Services.
During the council meeting, the city officials also had an opportunity to talk about the possibility of pursuing legislation in the Alabama Legislature. The city officials see this as necessary to allow the city in enforcing its weed abatement ordinance as soon as possible.
The said legislation could remove some of the least important steps in the weed abatement process, thus permitting the city to take initiative in trimming the weeds in just two weeks time instead of the regular four to nine weeks. A charge could be filed against their property, if the owners failed to repay the city for the weed abatement services.
Fuller said that the city has been eyeing for this legislation long time ago for it would surely quicken the process of the weed abatement.
Moreover, Fuller said that he will request the members of the Lee County legislative delegation to sponsor bills in the Legislature to move the suggested revision of weed abatement process, once the Opelika City Council expressed intention in pursuing the said measure at its coming meeting this January 3.