Salem approves bonding $2.5 for roads and other capital projects

Photo by mensatic via morgueFile.com

Photo by mensatic via morgueFile.com

The Salem Town Board on Monday approved the sale of $2,445,000 in general obligation promissory notes.

The borrowing was approved unanimously at a special board meeting. The notes will have a 10-year term. An interest rate will be set at the next board meeting.

The funds will help pay for various capital expenditures including:

  • Road paving projects in the Montgomery Highlands/Trevor Creek, Shorewood Terrace and Hi Woods Subdivision. Annual paving funds are also helping pay for these projects.
  • Camp Lake Park boat launch, trail and parking. Grants and trail and parks fund money are also helping pay for these projects.
  • Highway trucks.
  • Fire department ambulance.
  • Salem Oaks Park Pavilion.

Town administrator Patrick Casey said the $1.4 million in road work, coupled with road work done elsewhere in the town in recent years, should bring virtually all town roads to at least a 5 rating on the town’s 1 to 10 rating system (1 being worst and 10 being best).

But Casey also added that the town needs to work on a long-term strategy for road maintenance instead of depending on borrowing.

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