Posted: Feb 13, 2013 7:30 AM by AP
MONROE, La. (AP) - The city of Monroe wants to borrow up to $25 million from the Louisiana Department of Environmental Quality to make improvements on its wastewater system.
During Tuesday's City Council meeting, preliminary approval was given for the administration to issue $25 million in sales tax revenue bonds for wastewater system improvements.
Billy Boles, who serves as bond counsel for Monroe, said with the city's preliminary approval, he will take the matter before the state bond commission for review.
If the state bond commission approves the request, the matter will come back before the City Council, most likely in early April, for final approval.
Boles said DEQ's interest rate through its loan program is 0.95 percent, and the money would be paid off over 16 years.
Information from: The News-Star, http://www.thenewsstar.com