By REGGIE ROSS
Bank attorneys told the Grenada City Council that the city’s $6 million bond infrastructure is sold and headed this way in an effort to improve Grenada.
At their Monday night meeting, the Grenada City Council was presented with information from bond attorney Brad Davis of the Jones Walker firm in Jackson that their bond had been sold to Duncan William, the investment banking firm of Memphis.
Davis said the interest rate on the bond comes in at 2.6 percent.
“I think that this is an excellent rate,” Davis said.
Ward Four City Councilman Ernest Hargrove made the motion for the sale and finalizing of the bond, and Ward Two Councilman Pete Wilson seconded it. The vote passed unanimously.
The city council has already passed a resolution calling for the bond, and put the sports complex bond on hold while they tackle some of the infrastructure needs of the town. City officials expected to get work started during the summer.
“This bond will go to the improvement of streets, drainage, water and sewer,” City Manager Trey Baker said. “There’s also additional needs throughout each ward.”
Baker said areas like Spain Drive, Halls Road and other various locations in the city will see work from the bond money.
The city has not released details of any other projects expected to be financed by the bond.