Basalt puts bonds out to bid
December 9, 2013
The town of Basalt is selling bonds Tuesday to raise the funds it needs for a Roaring Fork River restoration project.
The town's bonds received an "AA" rating through Standard & Poor's. Town Manager Mike Scanlon said that was higher than he anticipated for its first rating with that company. He said the town had the right policies and multi-year fiscal forecasting in place to earn the good mark.
After bidding on Tuesday, the town staff and consultant will recommend a winning bidder to the Town Council. If the council accepts, the bond sale will be completed Dec. 30 and the town will receive $5.07 million in return for the pledge to repay.
Voters approved the bond issue in the Nov. 5 election.
The town is using the funds to ease the flooding threat of the river in the area of Pan and Fork Mobile Home Park as well as restore the riverbanks. A portion of the mobile home park site will be raised with material taken from the river to raise it out of the flood plain. The first phase of the work is underway. The bond issue will allow the contractor to continue into the second phase.