Street-Repair Bonds Sold Early by City
The city has issued $6.9 million in bonds to help pay for street improvements, a financial move made a year earlier than city officials had first projected.
The city issued the bonds early to take advantage of low interest rates, Mayor Steve Apodaca said. The savings realized from favorable market conditions will enable the city to repair more streets earlier than anticipated, Apodaca said.
The City Council approved the 18-year, $55-million street assessment program in 1995 for repairs to 60 miles of the town’s most pothole-riddled roads.
To pay for the program, council members voted to tax property owners $1.5 million a year, or up to $90 a household, for the next 18 years to raise money for the street repairs. The city is paying an additional $2.4 million a year for the project.
More than 8 miles of roads have already been repaired or improved, city officials said. Streets to get work this month are Dije Court, Del Poniente and Buena Vista.
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