(Deming) – The Deming city councilors this month unanimously voted to place a $3 million general obligation bond question before voters in March.
Deming City Administrator Aaron Sera said the money would be used for repairs and improvements to the 110 miles of streets within the city of Deming. The bond would be repaid through property tax increases.
Sera said the bond would actually be $1.5 million a year for two years, and would be financed for 20 years.
General obligation bonds are debt instruments issued by states and local governments to raise funds for public works.
Sera said this year’s street budget was under $4 million, which basically covered maintenance. The cost for re-doing a road is approximately a million dollars a mile.
The bond question will be on the March 6th municipal election ballot.
Deming City Administrator Aaron Sera said the money would be used for repairs and improvements to the 110 miles of streets within the city of Deming. The bond would be repaid through property tax increases.
Sera said the bond would actually be $1.5 million a year for two years, and would be financed for 20 years.
General obligation bonds are debt instruments issued by states and local governments to raise funds for public works.
Sera said this year’s street budget was under $4 million, which basically covered maintenance. The cost for re-doing a road is approximately a million dollars a mile.
The bond question will be on the March 6th municipal election ballot.
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