AMARILLO,TEXAS -- Amarillo City Commissioners met Tuesday, one of the items up for discussion was the roadway overpass at SE Third Avenue and South Grand Street. The Commissioners passed an approval of Notice of Intent to issue Certificates of Obligation for that project. The tax increase will be about one dollar per year on a $100,000 home, which will be a short term tax increase. The City expects that tax to be for about 20 years. The Certificates will be issued for the amount of $1,392,000 for the City's portion of funding required for the construction of the new roadway. The stimulus money that was made available to the City through the American Recovery and Reinvestment Act is only available this year. The issuance of Certificates of Obligation under this federal bond program, will allow the City to obtain a direct payment of 45% of the interest on the bonds from the U.S. Treasury.

On March 16, the Commission will meet to approve these Certificates of Obligation.