General Obligation Bond

November 6, 2019

The Town is seeking a new General Obligation Bond secured by the same 5 mills that has been in place  for many years. This millage has secured the 2005 and the 2014 Bonds. The 2005 is being paid off. This leaves the Town in the position to lower the 5 mills or to seek a new Bond and keep the 5 mills the same.

We have decided to go out for a $1,000,000 General Obligation Bond. $650,000 of this will be used to dig a second water well for the town. This is a requirement of LDH and was supposed to be completed earlier. LDH has given us an extension of 1 year to complete the new well. We have had the well behind Town Hall refurbished in the short term to aid in the case of an emergency. This well doesn't have the head pressure to fill the tower so it is a short term fix.

The remaining $250,000 is going to be used to complete several major road overlay projects in town that have been badly needed. There will be no change to the millage rate of 5 mills that have been in place. We are available to answer questions via phone at 985-892-0711 Monday through Friday 8am until 4pm, during the Public Committee Meeting on November 5th at 6pm, we also welcome citizens to stop by Town Hall.

 

 

 

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