"We will use money from the CIP tax to pay back the bond," Ross said. "Basically this gives us our money up front, so we can work on this now. This will prevent us from having to deal with potential inflation increases over the next 10 years."
The bond was negotiated with a 2.27 percent interest rate and the money is available for use immediately, according to Ross.
"Now we won't accumulate construction costs," he said.
As the money starts flowing in, the city will also look to extend the Ft. Cobb intake pipe. The council accepted a permit allowing the extension of the pipe, which should start in the summer Ross said.
The city's efforts at beautification took a step forward as well Monday night.
Chickasha acquired four dilapidated residential properties from Grady County. Ross said the city is looking for developers to reconstruct the structures on the respective plots.