Low interest rate on bonds saves cash on 11th Street reconstruction
DAN PARKER REPORTER
Water works STAFF PHOTO BY DAN PARKER Deep in a ditch on Monday, Feb. 20, Island Construction workers Derriance Qualls, foreground, and Ben Hemion prepare to install a new water line next to Beach Access Road 1A as part of a project to provide new utilities in the area of 11th Street and reconstruct the street, widening it to three lanes. The City of Port Aransas has landed a lower- thanexpected interest rate on the bond that will finance the 11th Street road construction project, meaning a savings of more than $1 million for the city.
The city council on Thursday, Feb. 16, voted to go the Morgan Keegan investment firm, acting on behalf of American Bank, for sale of the $6.4 million bond approved by voters in May last year to pay for reconstructing