Monterey Aldermen will have to decide how the town should use the savings from a future project to install LED street lights.
Mayor Bill Wiggins said the money could be used for paving projects or improving the town’s storm water drainage system.
“They had said earlier that any savings would be plowed into street paving,” Wiggins said. ”But now with this huge cost of addressing storm water drainage, they will have to make a decision if they want to stray away from that original intent.”
Monterey expects to save approximately $43,000 to install LED street lights throughout town. Aldermen will consider using the municipal bond market to pay for the installation.
Mayor Wiggins said the projected savings might entice a bank to increase the size of the loan.
“We not only pay VEC for the ‘immediate’ installation… but we add to that loan with the savings if we can entice the lender,” Wiggins said, “and say ‘hey we’re going to save $43,000, how fat can you make this loan, so we can meet some priorities that’s been set by this board, mainly through the street committee?'”
Engineers have estimated a $500,000 price for improving the town’s storm water drainage system. Estimates could not be provided for projects to pave Old Walton Road and part of Elm Street.
Aldermen will make a decision when they have a better idea about the cost for paving roads and fixing the storm water drainage system.