The Bristol Town Council approved having Jones, Petrie and Rafinski advise the town’s proposed street projects for 2014.
Five of the road projects will be put together in one proposal. The potential exists to make North River Road a cooperative project with the Elkhart County Highway Department, so Bristol will take bids on that project separately. The sum of the six proposed street projects was estimated at $234,014 by Jones, Petrie and Rafinski.
The estimate comes to more than the town can afford. Decisions will be made on the projects once bids come in. The bids will be opened at the town council work session Aug. 19 and awarded at the town council meeting Aug. 21 so that the work can be done this year before the weather turns cold.
The council accepted under advisement bids for loans to pay off the town’s sewer bonds from First State Bank of Middlebury and Key Bank. The town owes about 1.2 million and will pay off about half of the bond from its bond reserve account. The town will borrow $625,000 for 42 months to pay off the bonds, which were taken out in 1998. Paying off the town’s sewer bonds with a loan will save it money by reducing the length of time and interest rate to pay them off.
The town council may hold a special meeting in early August to deal with the loan for paying off the town’s sewer bonds and to approve an interlocal agreement with Elkhart County, should it turn out that is the most cost-effective option for getting improvements done on North River Road.