Mar. 5—HIGH POINT — The city of High Point plans to borrow money to fund an upcoming road project.

The City Council on Monday unanimously approved plans to issue up to $5.42 million in two-thirds bonds to finance the extension of Samet Drive from W. Wendover Avenue to Penny Road.

Local governments annually are allowed to borrow up to two-thirds of the amount of general obligation bond debt they paid off the previous fiscal year. Two-thirds bonds do not require voter approval.

The city plans to sell the bonds this spring, pending approval by the North Carolina Local Government Commission.

The council awarded a $4.29 million construction contract for the Samet Drive project last month to Triangle Grading and Paving of Burlington.

Construction is slated to begin later this month.

Bond funds not used on the project will go toward the design phase of the city’s upcoming Triangle Lake Road improvements.

Also Monday, the council unanimously awarded a $1.27 million contract to Hanes Construction of Lexington for several parking projects on city-owned sites, including development of a new surface lot next to Truist Point stadium.

It will comprise 192 spaces at W. English Road and N. Lindsay Street and will begin construction after the city demolishes the former Piedmont Electric Repair Co. property.

The other projects in the contract include expansion of the University Park lot at 1800 Deep River Road that will entail additional spaces, grading and paving.

The contract also calls for repairs and resurfacing of the parking lots at the Municipal Operations Center at 816 E. Green Drive, the High Point Transit bus lot at 716 W. Martin Luther King Jr. Drive and Cedrow Park at 1712 Cedrow Drive.

In addition, the contract includes resurfacing of internal streets at Oakwood Cemetery.

The contract calls for the new parking lot next to the stadium to be completed by May 31, while the other projects must be done within 240 days.