Coast city borrowing to pay on two bond issues

WAVELAND — The City of Waveland has borrowed $486,000 to pay on two public works bond issues from 2004.

Mayor David Garcia tells the Sea Coast Echo the city borrowed money against its anticipated 2012 property taxes.

In 2004, Waveland took out two bonds totaling more than $6 million for public works projects such as drainage, street paving and general infrastructure.

The first bond was for $820,000 and the second was for $5.3 million.

Most of the projects were completed after Hurricane Katrina hit in 2005.

Garcia says the smaller bond was paid off last week. The city is still maker payments on the larger one.

Garcia says the city makes two annual payments on the bond, a $400,000 payment every November and an $88,000 interest payment in May.