The Chapel Hill Town Council appears set to use bonds passed in 2015 to make payments on the American Legion property, which the town voted to purchase in December 2016.

The council is set to vote on a resolution at Wednesday night’s meeting to use $4.3 million of the Parks Facilities bond voters approved in November 2015 to make the installment payments due to pay off the amount owed on the 36-acre American Legion property located on Legion Road.

The council paid $3.6 million of the nearly $8 million price tag for the property as a down payment from the town’s fund balance, which was paid at the sale closing in May 2017. The balance will be paid in two installments on the first and second anniversary of the closing on May 1, 2018, and May 1, 2019. Those payments will include a one percent interest payment on the outstanding principal balance of the loan.

The resolution at Wednesday night’s meeting covers various projects and will include approving issuance of $12.5 million of the more than $40 million approved by Chapel Hill voters. The bond is scheduled to be issued on April 3, 2018.

Wednesday night’s meeting is scheduled for seven o’clock in Town Hall.