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Aldermen sign off on capital improvement work
The West Monroe Board of Aldermen agreed Tuesday night to sign off on a $4-million bond sale to help finance some $11.5 million in capital improvement projects throughout the city.
Aldermen acted on the matter at their regular meeting.
The state Bond Commission last month gave the city of West Monroe permission to incur some $4 million in bonded indebtedness to assist the city in funding its capital improvement campaign. The city secured a low interest rate of 2.32 percent for the $4-million loan. The payout will occur over 10 years.
Besides the $4 million generated from the bond sale, the city will use state and federal grant funding as well as some of its own money to pay for the $11.5 million in capital improvement projects. It will take some 18-24 months for the city to complete the work.
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