The New Iberia City Council unanimously approved an ordinance confirming the execution of a $12.5 million bond that will be dedicated to fixing the city’s roads at Tuesday’s meeting.
“Roads are on the way,” Mayor Freddie DeCourt said following the vote.
The council and Mayor Freddie DeCourt’s administration has been preparing for the bond all year, and plan to use it to begin an expansive road program that will focus on repairing some of the worst roads in the city.
A bonding agent representative told the council that the repayment of the bond will occur over the next 20 years, with annual payments of $930,000 from 2023 to 2026 and payments of $905,000 after that.
The bond has an interest rate of 2.09 percent, which is lower than the bonding agent predicted when they first began looking at the market.
The closing of the bond transaction is scheduled for Sept. 23, and the city government will receive the funds after that.
“Once we have that, we can start advertising for bids and going through our bid process,” DeCourt said.
At the same time as the bond process was being conducted, the city council also hired an engineering firm to begin surveying New Iberia to come up with a list of streets that would be good candidates for repair.
DeCourt said a presentation of those results will likely come during the next meeting.
In other business, the council approved several projects associated with the Bayou Teche and downtown New Iberia at the meeting, including the reconstruction of the bathroom at Bouligny Pavilion into an open pavilion that will serve as a visitor’s center for tourists.
Minvielle Lumber Company was awarded the contract for the project unanimously.
Bulliard Construction was also awarded the contract for a kayak launch next to Duperier Avenue as well. The project is in line with several other projects along the Teche to make the area more boater friendly.
Finally, the council approved a grant application to construct “Felicite’s Landing,” which will be located on Fulton Street and possibly be used for a tour boat operation.