The State Route 95/309 connector road took a step closer to reality Thursday at the meeting of the Marion County Commissioners. The board voted 2-to-1 to issue bonds to help pay a portion of the construction costs.
Commissioners Josh Daniels and Andy Appelfeller voted to issue $900,000 in bonds to finish the connector road, which is called University Drive. Ken Frayer voted against the motion, saying he felt the currently unknown interest rate could put the county in unacceptable debt.
The Commissioners have already submitted a grant for half a million dollars and a $385,688 zero-percent loan proposal to the Ohio Public Works Commission. Those monies, making up half of the estimated $1.8 million cost of the drive, have already met with one approval from the district.
They are currently waiting on state approval.
Daniels believes the interest rate on the newly approved bonds could be near three percent while Frayer says he fears it could be closer to six percent.
That final percentage rate for the bonds will not be known until the bonds are actually issued.
