TSM - Mayor Jon Mitchell announcing Capitol Plan on Friday

The City of New Bedford is planning to borrow $43 million over the next five years to repair city-owned buildings.

Mayor Jon Mitchell announced the program Friday during a news conference outside the former Vocational High School buildng on Hillman Street, which nows serves as home to a number of city offices.

Chief Financial Officer Ari Skye says putting a new roof on the former school is a top priority .

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Public safety buildings, and schools are also on the "fix up" list.  Mayor Mitchell says small repairs end up beng much more costly over time, if left unaddressed.

Skye says the city is reducing its debt by about $7 million a year, so it will have room to borrow new money to fund the repairs.

City officials say its the first time New Bedford has put in place a long-term capitol plan.