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Salem council reissues notes

September 26, 2012
Morning Journal News

SALEM - City council approved the re-issuance of notes to continue paying for infrastructure improvements for specific projects on the east and north ends of the city during a special session Tuesday.

One ordinance dealt with $683,500 for the completed Pershing Street extension and the Bentley-Cunningham roads connector on the east end and the other ordinance dealt with $270,000 for the completed Springdale Street extension, now known as Legacy Lane, on the north side.

City Auditor Betty Brothers explained that one note will actually be re-issued for $953,500. The current note expires this month. The interest rate this time will be less, reduced from last year's rate of 2.25 percent down to 1.7 percent for this issuance.



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