Denver City Council’s Finance and Governance Committee authorized a bond issuance Tuesday afternoon to fund infrastructure projects approved by voters.

While still subject to full City Council approval, this will allow a principal of up to $366.4 million, marking the first issuance for the RISE Denver program and the fifth for the Elevation Denver program. These are general obligation bonds, which are a type of municipal bond cities use to pay for projects. The bonds are backed entirely by a city’s creditworthiness and are paid back over decades using property taxes.

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For the RISE Denver program, this first issuance will take just over $120 million of the $260 million in total funds. Between the four areas voters approved for these bonds, about $55 million will go toward Denver facilities, $38.6 million to housing and shelter, $19.4 million to transportation and $7.25 million to parks and recreation in this first issuance, said Adam Phipps, interim executive director of the city’s Department of Transportation and Infrastructure.

Projects include design and construction of Morrison Road and intersection safety projects, construction of all ADA improvements in Denver facilities, design funding for most parks and recreation projects and shelter acquisition, conversion and construction.

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For the Elevate Denver program, this will be the largest single issuance of the $937 million program with $246 million to fund 50 projects. Over half of this issuance, $161.5 million, will go to transportation and mobility, $39.1 million to parks and recreation, $29.4 million to public safety, $10.6 million to libraries and $5.5 million to public facilities. All of the funding dedicated to Denver’s health and cultural systems were used in earlier issuances.

Projects funded by this issuance include the construction of the 16th Street Mall, safety and mobility improvements on the Alameda Underpass, continued sidewalk investments, four library renovations, construction of a new Denver fire station and improvement of neighborhood parks and recreation centers.

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