$3M in bonds to go to street repairs

St. Martinville — The city will issue short-term bonds to raise $3 million for an extensive street renewal program.

The City Council Monday gave bonding attorney Lonnie Bewley the go-ahead to put the bid package together.

Bewley told the mayor and council that the market is favorable for short-term (less than 20 years) bonds right now.

The bonds will be paid off with excess sales tax revenue, which was part of the administration’s pledge when the additional one-cent sales tax was passed.