Groton, Conn., voters will in November will decide whether to issue up to $11.2 million of bonds to cover the cost of a five-year plan to fix town roads.

The Representative Town Meeting voted 21 to 8 to approve the referendum, the Mystic River Press reported.

The town charter requires a referendum greater than $750,000, the Press reported. According to the newspaper, Groton now pays cash for road construction projects and its capital reserve fund is minimal.

“This is a capital improvement. We ought to be paying for this over time as opposed to paying cash,” Town Manager Mark Oefinger said, according to the Press.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.