SANGER — Sanger city council members approved the issuance of $4.5 million in certificate of obligation bonds during a meeting Monday night.
Sanger officials plan to use the money to carry out a 10-year capital improvement plan that will include work on the city’s most distressed roads and water utilities, and construction of a splash park.
City Manager Mike Brice presented the plan to council members in April and said it will take a combination of certificate of obligation debt and city funds to make the improvements.
The most expensive projects are repairing roads and adding a new water well, costing about $3.3 million and $2.7 million, respectively, Brice said.
Over the next 10 years, Brice said the city must rebuild more than a dozen miles of roadway, replace or add more than 27,000 feet of water lines and replace or add more than 27,000 feet of sewer lines. The city also plans to construct the splash park.
To fund the projects, Brice said it will take nearly $9 million, which includes the bonds that were approved on Monday.
Sanger’s financial adviser, Ted Christensen, told the council that it’s a good time to issue debt because rates are at historically low levels.