Monterey received it’s $1 million capital outlay note Friday afternoon.
Mayor Bill Wiggins said he expects those projects to get underway soon.
“I’m assuming that we’re going to go ahead and bid out the road projects pronto,” Wiggins said. “The flooding bid is just about ready from the engineer. We’ve been waiting on the permit approval since we are messing with a blue-line stream there.”
Wiggins said the city will use a portion of the money to pave Old Walton Road, Railroad Avenue, New Avenue, Peter Avenue, and South Elm. He expects to advertise bids for the stormwater project later this summer.
The city will also be using the money to convert street lights to LED. Wiggins said that project will ultimately help Monterey pay back the loan over a period of 13-years.
“That move is being made to save $43,000 on that portion of Monterey’s power bill,” Wiggins said. “That $43,000 that we will be saving will go to a little over half of the debt service on this $1 million note that we just encumbered ourselves with.”
Monterey will pay only interest for the first two years, followed by an annualized principal payment beginning June 2021. A $22,000 interest payment will be due in December.