Lawton Council accepts CIP bids

Lawton_The city council accepted bids Tuesday night to finance the first portion of the CIP package that voters approved last year.

Three banks submitted bids to loan $24 million that would fund projects such as repairs to the waste water treatment plant. City Manager Larry Mitchell is confident that they will be able to comfortably pay the loan back through sales tax collections.

"We project that we will actually collect twice the amount of money needed to pay the loan back," Mitchell said

The loan they will most likely accept comes with an interest rate of 1.67 percent. Three years ago, the city was paying four percent in interest.