Apr. 2—LAPEL — The winter storm that affected Texas has had an impact on natural gas prices in Lapel.
The Lapel Town Council on Thursday approved a plan to repay more than $400,000 with Constellation New Energy to help the town cover the costs.
Lapel contracts with Constellation New Energy to provide natural gas to the town.
The natural gas prices affected consumers in Lapel, and the town instituted a payment plan to help ease the increase.
Council president Chad Blake said the town owes an additional $402,590 to Constellation New Energy.
The agreement will allow Lapel to pay the costs over a 24-month period with an annual interest rate of 4%.
"The goal is not to fund the payments over the 24 months," he said. "There is no penalty if we pay the amount owed early."
Blake said the town consulted with its financial advisor, Reedy Financial, on the repayment plan.
The agreement will require the town to pay $16,775 per month for the next two years.
The council took under advisement three bids for paving projects funded partially through a state Community Crossings grant.
A contract is expected to be awarded during a special meeting Monday.
DC Construction submitted the low bid of $628,288. Midwest Paving bid $689,789, and E&B Paving bid $770,347.
The town is receiving $400,000 through the state program and is providing a minimum of $100,000 in matching funds.
The three streets scheduled to be repaved include Central Avenue from Ind. 13 to East Ninth Street; 10th Street from Ind. 13 to Main Street; and Fourth Street from Ind. 13 to Ford Street.
Follow Ken de la Bastide on Twitter @KendelaBastide, or call 765-640-4863.