$1 million Outlay Note Up For Vote In Monterey Monday

Monterey Aldermen will consider on Monday a $1 million funding mechanism for several major projects.

Knoxville-based Cumberland Securities will present to the board a formal capital outlay note proposal.

Mayor Bill Wiggins said the note would cover more than $800,000 in estimated project costs.

“We have some critical needs,” Wiggins said. “Resurfacing is one, flooding is the other, and of course, changing out to LED’s with all of our street lights to save money.”

The board voted last month to pursue the financial plan with Cumberland Securities. Under the proposal, Monterey would pay back $1.3 million over a 13-year period. City officials said savings from the LED project could be used to cover part of the $107,100 annual bond payment.

Monday night’s meeting takes place at 7 p.m. inside city hall.