Laurel secures low interest rate for water and sewer line improvements

Laurel secures low interest rate for water and sewer line improvements

LAUREL, Miss. (WDAM) - The City of Laurel has secured a 1.59% interest rate for a $5 million bond to improve and repair the water and sewer system.

“We got a rate of 1.59%, which is great, great, great,” Laurel Mayor Johnny Magee said. “I think that’s the best rate that we’ve gotten, since I’ve been mayor I know. We’ve had some in the 2% range, some in the three% range. I believe this is the first one in the 1.59% range.”

Laurel City Council accepted the bid Tuesday during their city hall meeting.

Magee says this will help the city continue repairing the water and sewer lines in the city, which will take years to complete. He says it will take the city twenty years to repay the $5 million.

Copyright 2020 WDAM. All rights reserved.