Posted Mar 26, 2011, 3:53 AM
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Midwest Moderator - Editor
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Join Date: Jan 2002
Location: Big Mitten
Posts: 31,745
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Still trying to figure out exactly what this means. It sounds good, but there are some very basic questions...
Quote:
Detroit City Council to discuss resolution to OK $125 million in bonds for Woodward rail line
By Bill Shea | Crain's Detroit Business
On the agenda for the Detroit City Council meeting scheduled for Tuesday is a resolution that would authorize $125 million in bonds for construction of a portion of the $450 million light-rail project on Woodward Avenue.
The resolution would green-light up to $125 million in Capital Grant Receipts Revenue Bonds, and the money would pay for some of the rail line work and "other essential capital improvements for the city's Department of Transportation."
It's unclear how or whether the bonds are linked to the $125 million in funding arranged for the project by the private sector.
The bond resolution is scheduled for a vote that would send it to the Budget, Finance and Audit Standing Committee, headed by Councilman Ken Cockrel Jr.
Reached by phone this afternoon, Cockrel said he was aware the resolution was coming but hadn't seen any details.
A message seeking comment was left for Norm White, the city's CFO and lead on the rail project. The resolution puts White in charge of the bond sale.
A message also was left for DDOT Director Lovevett Williams.
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Huh?
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