City finalizes $52M bond to fund 2020 capital projects
April 14, 2020
The City of Pittsburgh Office of Management and Budget (OMB) has finalized the issuance of a $52 million bond to fund 2020 capital improvements, which had been delayed several weeks due to market disruption from the COVID-19 pandemic.
OMB, the Department of Finance and the city's financial advisors had planned to finalize the bond in mid-March but suspended the sale. After the bond market lately stabilized the city was able to finalize the $52 million bond, while also realizing $700,000 in annual savings to debt service that were not available when City Council approved the bond in February.
The money will fund projects such as street reconstruction, facility upgrades and other long-term infrastructure projects.