Peru prepared to borrow $2,784,000 for road and sewer project

Borrowing money isn’t allows the best way to finance a project but in Peru it’s how they’re paying for a streets and sewer work this construction season.

The city is only a few days away from likely taking out a $2,784,000 loan through Midland States Bank.  The interest rate would be 2.74% and it would be paid back in less than five years using money from a sales tax increase.

The streets being resurfaced include stretches of Shooting Park Road and some side streets.  Other work includes sewer upgrades for the expansion of Eakas Corporation.

The city council will vote on the loan Monday night.