The city of Bloomington is selling bonds to raise money for Mayor John Hamilton’s Parks initiative.
The major infrastructure project, which is estimated to cost around $10 million, would include extending the B-line bicycle and commuter pathway to the city’s east side.
The proposal also calls for the planting of 14 hundred trees, and the establishment of beautification ‘gateways’ for approaches to the city.
Debt, like the bicentennial bonds the city is selling, typically increases in value the farther out it’s purchased. In this case, Underwood said the 20 year bonds would mature at around three to three and a half percent. Underwood said outside investors can also buy the city debt.
Underwood said the city is encouraging residents and supporters of the city’s projects to buy the bicentennial bonds. Those interested in purchasing the city bonds can contact the Bloomington Hilliard Lyons office.