City approves $6 million in bonds
By SHEILA SMITH
The Jennings City Council has approved issuance of $6 million in bonds for city hall’s relocation at a 3.65 percent fixed interest rate for 20 years.
The city is borrowing around the $6 million in Public Improvement Sales Tax Revenue Bonds for capital improvements to public buildings from the state to fund the project. The bonds will be repaid with the city’s 25-year second-penny sales tax, which was renewed and rededicated for that purpose by voter approval in December 2012.
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