Lowell may refinance bonds to fund street paving projects

2013-09-09T21:45:00Z 2013-09-09T23:36:04Z Lowell may refinance bonds to fund street paving projectsMelanie Csepiga Times Correspondent nwitimes.com
September 09, 2013 9:45 pm  • 

LOWELL | The Town Council took steps Monday to secure half a million dollars in funding for future street paving projects.

Lowell Clerk-Treasurer Judy Walters suggested the council consider paying off its 2009 general obligation bonds and refinance. The town could reduce its interest rate from 3.5 percent to 2 percent, she said.

Walters offered alternatives with five- to 10-year terms. Refinancing for seven years would provide $500,000 to be used on street projects.

In other business, Police Chief Erik Matson provided street sign recommendations from the Lowell Traffic Commission and received council approval.

Matson said six permanent stop signs will be installed in Beverly Estates subdivision, which will handle all the intersections in the new development.

In the Freedom Springs subdivision, 20 mph traffic signs will be installed.

Council President Edgar Corns, R-5th, said a thoroughfare plan being prepared by consultant James Mandon was not completed for the council's consideration Monday. Instead, he said he expects it will be on the council's agenda in two weeks.

In another matter, the council gave preliminary and final approval to a zoning change from general business to multiple family residential to Lowell Investors LLC. The firm is developing the area adjacent to Lucas Parkway and behind Tech Credit Union and George's Family Restaurant on the town's east end.

Corns also announced a council work session for 7 p.m. Wednesday. The E-911 issue and an alternative with St. John will be discussed.

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