Henry County Commission plans to borrow millions of dollars through bond issue to improve roads
ABBEVILLE, Ala. (WTVY) - The Henry County Commission has entered its’ next phase of repairing damaged county roads.
The commission unanimously approved to hire the Montgomery-based investment banking firm Frazer Lanier Company, Inc as its investment banker.
Chairman David Money says the county plans to borrow around $4-million dollars through a bond issue to help fund road improvements. Currently, there’s no timetable yet of when they will see those funds.
The county receives a percentage of the Rebuild Alabama gas tax funding each year to repave badly worn roads. Commissioners say the funding isn’t enough and that more money is needed. Money says this is the best route for the county at this time, compared to borrowing from a bank. He tells WTVY the county would save about $150,000 through a bond issue.
“If the funds were there, we would resurface every road in the county. We have to pay attention to traffic count on a road. As well as condition. As well as accident data. If any of those is really bad, then that one will get more attention,” Money said.
The commission now plans to have a work session on June 10th at 1:30 p.m. to discuss how that money could be used. Money says commissioners have prioritized roads based on what roads need the most work done.
Money says the road and bridge departments are also in need of workers.
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