Posted: Nov 10, 2011 8:07 AM by Lauren Wilson & AP
ZACHARY, La. (AP) - The Zachary City Council has decided to sell $9.3 million in utility bonds to pay for upgrading the municipal sewer system.
About 60 percent of voters casting ballots in the Oct. 22 primary election approved a proposition setting up the bond sale.
The Advocate reports Thursday the state Department of Environmental Quality has offered to lend the money to the city at an interest rate of 0.95 percent over 23 years.
The bonds will be retired from utility revenue.