Indianapolis will borrow $70 million for infrastructure work after the City-County Council approved the bond-issue measure Monday night.
The council voted 27-to-2 in favor of the proposal, which is a compromise version of the Rebuild Indy II plan that Mayor Greg Ballard unveiled more than a year ago. Republican council members Bob Lutz and Jack Sandlin accounted for the two "no" votes.
The new money will be available for spending by the Department of Public Works starting next year. The Department of Public Works is working with council members to identify priority projects in their districts.
The annual debt service on the $70 million, 20-year bond has been projected at $5.3 million.
Also on Monday night, the council passed the mayor's $1 billion budget. Ballard hailed the approval with the following statement: “I want to acknowledge the council for passing my 2015 budget and investing in our future by providing a portion of the funding I requested for street and sidewalk improvements through RebuildIndy 2.
"It is my sincere hope the cooperative relationship we developed during these last few months continues as we work to fully fund the Pre-K initiative that is so important to the future of our city," Ballard stated. A late amendment to the budget keeps open the possibility that the city will fund preschool scholarships for a $50 million crime-pervention program proposed by Ballard.