ALBERT LEA, MN — The city of Albert Lea is turning to bonds to help pay for projects around town.
The city council approved the sale of 5.4 million in bonds.
They get that money up front and pay it back over 10 years.
City leaders tell us it’s a very similar to a process almost everyone goes through.
“It’s not unlike buying a house, where you go out and buy a house, and you might not have the cash,” City Manager Chad Adams said. “Instead of buying the house, you mortgage it and make payments on it over time. Very similar concept.”
He says the city will be asking for more money than past years, with projects like the Broadway Streetscape and Reconstruction Project underway.