MONROE - The Monroe Common Council on Wednesday authorized the sale of bonds, with a value of up to $1.1 million, to finance the 8th/9th Street improvements.
The council had set the authorization for the issuance of bonds for Feb. 16, but stopped short of directing the sale at that time, as aldermen discussed the need for bonding other portions of the project.
The $1.1 million from the bond sale will go toward funding the city's portion of the street reconstruction.
The street reconstruction, with a widening of the road, is a state project being funded 80 percent by the state Department of Transportation.
The entire 8th/9th Street construction project is really three projects.
The city Water Utility is replacing water and sanitary sewer mains, at a cost of about $615,000. The Board of Public Works determined the utility could borrow the money from the city, and repay the city with interest at a rate lower than bonds.
The Board also decided the city could pay $140,000 from its cash reserves to replace the railroad bridge on the Badger State Trail, which spans the roadway near 9th Street.
With the authorization of the bond sale Wednesday, the city clerk was authorized to publish a notice of the sale of the bonds. The council will consider the bids for the bonds at a later date.
- Tere Dunlap
The council had set the authorization for the issuance of bonds for Feb. 16, but stopped short of directing the sale at that time, as aldermen discussed the need for bonding other portions of the project.
The $1.1 million from the bond sale will go toward funding the city's portion of the street reconstruction.
The street reconstruction, with a widening of the road, is a state project being funded 80 percent by the state Department of Transportation.
The entire 8th/9th Street construction project is really three projects.
The city Water Utility is replacing water and sanitary sewer mains, at a cost of about $615,000. The Board of Public Works determined the utility could borrow the money from the city, and repay the city with interest at a rate lower than bonds.
The Board also decided the city could pay $140,000 from its cash reserves to replace the railroad bridge on the Badger State Trail, which spans the roadway near 9th Street.
With the authorization of the bond sale Wednesday, the city clerk was authorized to publish a notice of the sale of the bonds. The council will consider the bids for the bonds at a later date.
- Tere Dunlap