Council sets public hearing on loan

By By Fredie Carmichael / staff writer
Dec. 18, 2002
Meridian city councilmen set a Feb. 18 public hearing on a proposal to borrow $5 million to pave and repair city streets.
But councilmen, who formally announced their intent Tuesday night to borrow the money, still don't know if the loan would require a tax increase.
Councilmen voted 5-0 to announce their intent. They must vote again on the issue after the Feb. 18 public hearing before the city can actually borrow the money by selling general obligation bonds.
No residents attended the Tuesday meeting to discuss the proposal. Residents could force a citywide referendum on the issue if 1,500 registered voters sign a petition in protest by Feb. 18.
If there is no protest and councilmen give final approval to the loan, street work could start by the spring.
City Council President Mary Perry, who represents Ward 2, said if councilmen decide to borrow the money they will choose which streets will be repaired.
Thomas said he still wants to know how the city is going to pay for the loan and if it would require a property tax increase before they decide to go through with it.