KALAMAZOO TOWNSHIP (WKZO) — While state lawmakers wring their hands over what to do to fix the state’s roads, the story couldn’t be more different in Kalamazoo Township where voters passed local road bonds in February, and construction crews are mapping out utilities, and making plans.
Supervisor Ron Reid says the bonds went out for sale at a particularly good time in the market and the interest rate they will have to pay is extremely low.
They were expecting to pay around 4.25% interest.
The average the bonds sold for was closer to 2.26%.
He says because of the way the money compounds and the math works out, the real beneficiaries will be the citizens of the Township.
He says it could shave the millage rate by as much as 10%, reducing assessments for homeowners.
They have embarked on a three year, ten million dollar project to repave and improve all the local streets in he Township that need work.
