With a number of infrastructure projects planned to take place in the City of Monmouth, Council has approved an ordinance providing for the issuance of new bonds, according to Mayor Rod Davies:
“We have a lot of infrastructure that we need to do, building our water plant, improving our SCADA operations, and some other water sewer projects that we need to undertake. Council allowed us to borrow $5 million in new funding that we believe we have the source for that already in place from our water sewer revenues,” says Davies.
“We are also working with our financial advisor, the company Raymond James & Associates, that acquired of these bonds. We were able to refund and refinance three of our previous bonds; our 2014 bonds and our 2015 A and B bonds. We refunded those and did a defeasement. As a result, we saved about $1.5 million in debt service expense,” Davies adds.
Mayor Davies informed City Council also approved a resolution supporting the Community Development Block Grant and commitment of local funds. The grant would fund the replacement of a sewer line running under East Broadway to North 5th Street, where it connects to water mains leading to the wastewater treatment plant on Jackson Avenue.
