City Council agrees to issue bonds for capital projects
The Birmingham City Council, at its regular meeting for Tuesday, July 31, voted to refinance about $40 million in city bond issues and issued new warrants for about $40 million more for some new capital projects, including city landmarks like Legion Field and Boutwell Auditorium.
The council also approved the appointment of four new members of the Birmingham Airport Authority.
BOND ISSUES
Members passed an ordinance allowing for the refinancing of about $40 million in bonds.
Projected savings from the lower interest rate is $7 million, with a net present value of $5.5 million, according to a fact sheet supplied by council staff.
Savings will remain in the city’s Bond Reserve Fund to be used for any future voted bond issue.
Members passed a second ordinance that authorized the issuance of approximately $40 million in general obligation warrants for about 10 large projects in the city.
By far the largest item is $20 million for the city’s match for Federal Transit Authority grant monies being used to build the Bus Rapid Transit line. There is also an additional $1.75 million in bonds for other BRT expenditures.
There is $7,500,000 for a new landfill cell. The city will spend $4.6 million to help develop a new business and technology park near the Barber Motorsports facility.
Other items included $2,250,000 for improvements at Legion Field, $1,500,000 for a new staircase at Birmingham Public Library and $750,000 in upgrades for Boutwell Auditorium.
The warrants will be repaid over 25 years with an anticipated interest rate of approximately 3.68 percent, according to the fact sheet.
Both ordinances were getting their first readings and are items of permanent operation, so council voted to grant unanimous consent before voting on the items.
AIRPORT BOARD APPOINTEES
The council voted to approve Mayor Randall L. Woodfin’s four appointments to the Birmingham Airport Authority Board of Directors.
The appointees, whom Woodfin announced Friday in a news release, are David Germany, Bobbie Knight, Bill Smith and Darlene Wilson.
“We spent an extensive amount of time considering the type of leadership we truly need,” Woodfin said in the release.
He called the airport “a vital part of the region’s economic competitiveness.”
- Germany is a long-time community volunteer and a senior vice president at Regions Bank.
- Knight is a retired executive from Alabama Power Company who has served in leadership at several non-profits.
- Smith is the founder and CEO of Shipt, a member-based online grocery marketplace in Birmingham.
- Wilson is managing principal of Relay Accounting Management and board chair for REV Birmingham.
“These appointments are an incredibly diverse and talented group of individuals who all carry a great passion for Birmingham,” Woodfin said in the news release.
Councilor Steven Hoyt praised Woodfin’s choices, calling the business-savvy nominees “good people” and “the right people to take us to the next level.”
Councilor John Hilliard said the nominees are “very high quality” and a sign of a good planning process.
“I hope we can continue to push this in our selection process moving forward,” he said, referring to the filling of future board vacancies.
Knight will replace Aaisha Muhammad, Smith will replace John McMahon III, Wilson will replace G. Ruffner Page, Jr. and Germany will replace Michael Bell, the fact sheet states.