Beverly Looks To Bond Market For $27 Million Police Station

BEVERLY, MA — Beverly would likely pay $2 million per year after it gets money in the municipal bond market for its new, $27 million police station. That would amount to a 20 percent increase on its current, annual bond payments of $10 million. Beverly's annual debt service includes $3.2 million for the new middle school — a total that will jump to $4 million next year under the repayment schedule.

Beverly Mayor Mike Cahill warned of "belt tightening" as a result of needed infrastructure and facilities upgrades when he delivered is state of the city address earlier this year. But Bryant Ayles, the city's finance director, told the Salem News, which first reported this story, that debt service on a police station bond is a cost the city can absorb. "This is a major project that we've been positioning the city to be able to handle," Ayles said