Madison County supervisors approved the sale of road bonds up to $8 million on Monday, the final step in a months-long process to borrow for road improvement projects.

Five financial institutions bid on the interest rate, with Raymond James winning with the low bid of 2.4114 percent.

Stephens, Inc. was the high bidder with 2.751702 percent. Crews and Associates was the second highest bidder with 2.656850 percent, followed by FTN Financial (2.59655 percent), and Duncan Williams (2.594471 percent).

In August, supervisors were split on how to spend the bond money after District 3 Supervisor Gerald Steen proposed a plan limiting the spending down from 14 initial roads to five projects:

• $2.5 million for Robinson Springs Road.

• $2.28 million for Virlilia Road.

• $700,000 for North Deerfield Drive.

• $600,000 for Harvey Crossing.

• $1.2 million for Tisdale Road.

District 1 Supervisor Sheila Jones and District 2 Supervisor Trey Baxter voted against the limitations. Steen said he would be in favor of any roads being switched out in other districts as long as the money for Robinson Springs Road stayed intact.

The total cost of the five projects is estimated to be $7.3 million, but Steen said they need breathing room in the event of cost overruns.

In the event the projects come in under the estimated cost, Steen said they would look at one of the other 9 projects the money can be spent towards.

Those roads include: Cherry Hill Drive ($350,000), Park Place Boulevard ($250,000), Greens Crossing ($350,000), Stokes Road Bridge ($375,000), Sunnybrook Road ($700,000), Weisenberger Road (no estimate), Yandell Road (no estimate), and both phases of Reunion Parkway (no estimate).