The city of Warrenton has decided to borrow $6.4 million to pay for its new aquatic center. The project will be financed by issuing general obligation bonds. These bonds are a type of promissory note …
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The city of Warrenton has decided to borrow $6.4 million to pay for its new aquatic center.
The project will be financed by issuing general obligation bonds. These bonds are a type of promissory note that the city guarantees to pay back using tax revenue.
The bonds will be paid back with interest over a 20-year period, according to the city ordinance authorizing the bond sale. Upon completion of the aquatic center project, any remaining funds will be used to pay back the debt.
Voters in August approved the sale of up to $7.5 million in bonds to pay for the new facility. That includes the authority for Warrenton’s Board of Aldermen to increase property taxes without another public vote, if necessary, to pay off those bonds. However, city leaders say there will be no tax increase, and that existing revenue will be enough to pay for this bond issue.
The aquatic center will be built west of the intersection of Warrior Avenue and Highway 47, partially visible from Scenic Regional Library. Construction began this fall and is planned to be finished in fall 2018.
A 7,000-square-foot indoor pool and 2,400-square-foot outdoor pool are planned at the facility, which will also have a party room for birthdays.
Warrenton
