Posted: Aug 28, 2013 7:41 AM
Source: Associated Press
ZACHARY - The Zachary City Council has started the process of borrowing up to $5 million for continuing work on the municipal sewer system.
According to the resolution adopted by the council Tuesday, the city would pay back the bonds over 22 years and borrow the money at an interest rate not to exceed 0.95 percent.
Bond attorney Jerry Osborne said the low interest rate was possible because the city intends to sell the bonds to the Department of Environmental Quality. The proposed loan would be in addition to $9.3 million the city borrowed from the DEQ at the same interest rate in 2012.