Posted: Jul 10, 2013 8:15 AM by AP/CS
ZACHARY, La. (AP) - The Zachary City Council has decided to start the process of borrowing $10 million for road improvements.
The Advocate reports the council agreed unanimously on Tuesday to ask the State Bond Commission for permission to bond up to $10 million for not more than 17 years at a rate of less than 7 percent interest.
Bond attorney Jerry Osborne told the council that the money would be paid back to the lender using the city's share of the parish's half-cent road tax revenues. A lender has not yet been identified, though he said that discussions were underway with at least one bank.
If the State Bond Commission approves the city's request, Osborne says an ordinance would be brought before the council for approval.