On January 23, 2017, Mt. Lebanon issued general obligation bonds in the amount of $8,800,000. The proceeds from the bond issue were designated for ice center repairs, public works facility upgrades, a new firing range and a new fire pumper truck (replacing an older model). The bonds were issued at a premium ($7,095). After the costs of issuance ($29,700) and the underwriter's discount ($24,200), the net proceeds for these capital projects amounted to $8,807,095.
Bond Issue: At a Glance
Ice Rink Project...Why?
In 2015, the Recreation department started to notice a heave in the corner of the studio rink at the ice center. After further investigation, it was discovered that the permafrost system that services both rinks was inoperable. Proceeds were used to reconstruct both the main and studio rinks as well as install a new permafrost system for the rinks. The project was substantially completed in September 2017.
Public Works Facility...Why?
Beginning in 2014, the Municipality completed the Public Works Master Plan for the public works facility located off Lindendale Drive. Proceeds from the bond issuance will be used to upgrade the current aging main building, build a new salt storage facility, construct two new auxiliary buildings for equipment storage, make various site improvements and build a new firing range.