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|Richwood pays off debt owed Monroe|
The city of Monroe and town of Richwood Wednesday closed a $1.3-million bond deal that included funding to immediately pay off the sewer debt Richwood owes Monroe.
The debt totals $397,000.
The bond money secured by Richwood also will be used to finish construction of Richwood's multi-purpose complex center. Money from the bond deal will be used as well to pay for the installation of median lighting along U.S. 165, as well as other infrastructure improvements within the town of Richwood.
Richwood Mayor Ed Harris said the bond transaction will be beneficial to both Richwood and Monroe.
"We've now settled the longstanding dispute of indebtedness for sewer services which the city provides for Richwood," Harris said. "In the next six months, we'll work out details for another (sewer) contract."
"It feels great to finally get this monkey off our back, so to speak, and now we can move forward," Harris continued. "It opens up other opportunities, and it's good for the whole region."
The city of Monroe originally filed a lawsuit to recover the debt Richwood owed the city. That occurred shortly after Mayor Jamie Mayo took office some seven years ago.
In light of the $1.3-million bond sale, a compromise agreement to end the dispute between Monroe and Richwood was signed by both mayors and attorneys for both sides at noon Wednesday at Richwood's Complex Center.
"This was one (of the debts owed to the city) that's part of our operation recover, which is recovering lost revenues," Mayo said. "So, it's a great day for the city of Monroe and the town of Richwood to come to a compromise, allowing us to move forward."
The state Bond Commission has already approved the bond deal.