x
Breaking News
More () »

West Columbia considering $1.6M bond ordinance: Here's what it would fund

Mayor Tem Miles tells News 19 this bond will initially be sold on the market to individuals or institutional investors to purchase.

WEST COLUMBIA, S.C. — Tuesday night, West Columbia city council leaders began discussing a possible $1.6 million bond ordinance.

If passed, a new police department evidence room and building, plus improvements to the HVAC system, control system and electrical system are what's possible in city hall. 

This doesn't translate to extra money out of your pocket, but it's still taxpayer money.

"Nothing that will result in any increased taxes or fees or anything along those lines. It's just, it's part of our overall strategy and how we handle our bond issuances," Tem Miles, West Columbia mayor said.

RELATED: Lexington County releases their first ever economic development report

Miles tells News 19 this bond will initially be sold on the market to individuals or institutional investors to purchase.

It's an option now because other bonds of theirs have cleared up. 

"The reason why it's a low interest rate and folks are willing to take it for a low interest rate is because it's a very very secure investment. There's almost a guaranteed repayment," Miles said.

RELATED: What are the local questions on my South Carolina ballot?

The city tells News 19 this is the most efficient way of being financially responsible with your dollars. 

Leaders in West Columbia explain they anticipate a second reading in December, hopefully closing on the bond in February 2023, and finishing construction in August 2024.

RELATED: Historic West Columbia manufacturing building will soon become 'Colite City'

RELATED: West Columbia Beautification Foundation aims to transform Highway 1

RELATED: Beloved West Columbia "WeCo" sign is getting an upgrade

Before You Leave, Check This Out