100 Years Ago: 1922 Because of a washout on the North River Road Auburn, near the bluff as a result of the recent rains, drivers of trucks and automobiles are urged to make a detour. The easiest route is up Center and then out to Stetson Rd. or one of the Riverton Streets. The Auburn […]
AUBURN â The City of Auburn soon could have $2.1 million to spend on new projects.
âI donât think weâll have any problem coming up with projects to spend it to invest in our community,â Mayor Mike Ley told the Auburn Common Council on Tuesday in City Hall.
The amount could turn out to be nearly $5 million, depending on Auburnâs share of the federal economic stimulus package (see related story).
The council on Tuesday began discussing plans to issue a new, $4.31 million bond. It would refinance $2.25 million of existing debt from 2011, leaving the rest for new projects.
The plan takes advantage of an expected interest rate of 1.3%. The 2011 bond bears interest rates of 4% to 4.75%, and refinancing it will save $60,000 per year in interest, for a total savings of $300,000.
Auburn Mayor Mike Ley rides with Auburn Street Department employee Tyler Brandon in one of the departmentâs new dump trucks on Jan. 1 as they salted streets after an ice storm. During his first term in office, Ley has visited employees in several city departments to experience their jobs.