Opelika approves record $62 million bond issue

OPELIKA, Ala. (AP) - The Opelika City Council has approved what authorities say is the largest bond issue in the city's history.

The Opelika-Auburn News reports the council this week authorized the sale of $62.56 million in general obligation warrants.

The bonds will be used to finance renovations and additions to Opelika High School as well as various road projects, including the widening of Frederick Road.

Officials say about $38.9 million would go toward the high school, while road projects would constitute about $19.4 million. It would also help pay off about $4.3 million outstanding from a previous bond issue in 2002.

The bonds will be repaid over 25 years at an interest rate of 3.76%.

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