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City accepts bids on street bonds

By By Fredie Carmichael / staff writer
July 16, 2003
The Meridian City Council has decided to use Morgan Keegan and Co. to borrow the $6 million it needs to pave and repair city streets.
City councilmen Tuesday voted to accept Morgan Keegan and Co.'s bid of a 3.76 interest rate for the general obligation bonds, which will be paid back over the next 15 years.
Morgan Keegan and Co. edged out the bid of Duncan Williams Inc., which offered an interest rate of 3.92 percent, and Prudential Securities, which offered a 4.05 percent interest rate.
Councilmen have said the money is earmarked for road paving and street repairs, but the money could be used for other city projects.