News

F.C. Council Authorizes $6.55 Million Bond Issuance

CHIEF FINANCIAL OFFICER for the City of Falls Church Richard LaCondre (right) explains the terms of a bond issue to the Falls Church City Council at its meeting Monday. The Council voted unanimously to authorize bond sale. (Photo: News-Press)
CHIEF FINANCIAL OFFICER for the City of Falls Church Richard LaCondre (right) explains the terms of a bond issue to the Falls Church City Council at its meeting Monday. The Council voted unanimously to authorize bond sale. (Photo: News-Press)

The Falls Church City Council voted unanimously Monday night to authorize the sale of $6.55 million in bonds to cover a wide array of capital improvement and other expenses, with the exception of two items, it had approved earlier this year. The largest single component is $1.135 million for stormwater improvements, with $600,000 for roadbed reconstruction, $585,000 for upgraded police radio systems, $500,000 for Fairfax-linked sewer system upgrades, $400,000 for traffic signals, $300,000 for fire station facility reinvestment, $218,000 for dump trucks, $195,256 for school buses, $190,000 for Arlington-linked sewer upgrades and $159,000 for police cars.

The items added since the budget adoption in the spring are $115,256 for one additional school bus and the $600,000 for roadbed reconstruction which the Council added with a budget amendment.

While no debt service will be due for the current FY2016 fiscal year, the estimated additional debt service will be $596,000 for the general fund and $174,000 for the City’s sanitary sewer and stormwater enterprise funds in Fiscal Year 2017, a total of new debt service obligations of $670,000. .