Monterey Approves $1 Million Outlay Note

Monterey has approved a $1 million capital outlay note to pay for several major projects.

Alderman Nathan Walker said the 12-year note will provide better roads, new street lights, and address flooding issues.

“I think it’s something that’s necessary that we’re just going to have to do,” Walker said. “We don’t have the money to take care of a lot of these projects with the upfront costs.”

The bond will provide an estimated $202,000 for paving streets and another $450,000 to improve the town’s stormwater drainage system. Another $101,000 will be used to convert street lights to LED technology.

Walker said savings from the street light project would cover part of $107,184 annual bond payment.

“The first example of that is the LED lighting,” Walker said. “If we can save $43,000 a year, which is what Volunteer Electric has projected to be our annual savings, that takes care of almost half of this yearly bond payment.”

Monterey will pay only interest for the first two years, followed by an annualized principal payment beginning June 2021.

Monterey’s board of mayor and aldermen approved the capital outlay note resolution on Tuesday.