The City has long struggled to adequately fund its street repairs to ensure the overall conditions just do not deteriorate. The City has explored new revenue to ensure a steady stream of money is available each year.
Amid budget deficits and not figuring out a steady revenue stream, The City has instead decided to borrow some money.
The Board of Supervisors approved in a 11-0 vote Tuesday legislation authorizing borrowing $48 million. Over 20 years, The City will pay back a total of $85.5 million in annual $4 million payments from The City’s operating budget, according to a report by Budget Analyst Harvey Rose