Council Looks At Street Paving Project Print
Written by themindencourier   
Tuesday, 13 March 2018 14:06

Marc Munford from Ameritas attended the March 5 regular Minden City Council meeting to discuss financing options for a potential street paving project. Fifteen blocks from the One Year Street Plan were recommended to the council for repair for a projected bond of 1.2 million.
The City of Minden currently has an outstanding bond for the last big street project that was started in 2006. Rather than wait for that bond to be paid in full in 2023, Munford’s plan would create a wrap-around interest only finance option on the existing bond and extend principal and interest payment out to 2028. It could be extended for up to 15 years, but only stretching it five years leaves room to look at future street improvement projects sooner.
The first step in the process is to create paving districts that would allow for the issuance of general bonds in order to repair and maintain them. Acquiring engineering bid specifications and selecting a contractor would follow. Once a contractor is chosen, Ameritas would help establish bond anticipation notes for short term finance until substantial completion of the project is met.

see March 14 Courier for full story

Last Updated on Tuesday, 20 March 2018 14:07