Laurel considers $10 million bond issue for street repairs

Laurel considers $10 million bond issue for street repairs
2015 Street Assessment.
2015 Street Assessment.

LAUREL, MS (WDAM) - The Laurel City Council is considering the issuance of up to $10 million in bonds to fund street improvements.

Council members approved a resolution last week that will help with several street repairs.
 
If the council approves the selling of the bonds, residents can expect their taxes to increase.

"If we do the bonds, the taxes will increase 2.85 mills," said Johnny Magee, mayor of Laurel. "What we're waiting on now is to see what kind of rates we can get and who will buy the bonds. It's not that we want to raise taxes, we would hate to raise it, but we cannot fix the streets out of our current budget."

The 2015 repair plan includes approximately three dozen streets in the city.

"This is strictly for improving the streets and the promise is that when this street paving is finished, when it is paid off, then it will roll off your taxes," Magee said. "It's not going to be something that will stay there in perpetuity."

Magee said they expect to hear back from the bonding companies within four to six weeks. He said more than likely residents will see a tax increase for the next fiscal year which starts in October.

The street improvements are expected to begin in spring 2016. 

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