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Council approves $2.83 million GO bond for Ninth Street project, sanitary equipment
Summary
The International Falls City Council adopted a resolution to issue $2,830,000 in general obligation bonds to fund the Ninth Street street-rehabilitation project and finance a sanitary sewer Vactor truck; one council member voted no.
The International Falls City Council on Aug. 4 voted to approve a $2,830,000 general obligation bond issuance to fund the Ninth Street rehabilitation project and to finance a sanitary sewer Vactor truck.
The bond sale, explained to council by George Eilertsen of Northland Securities, combines a 20-year financing for the Ninth Street work with an eight-year term for the Vactor truck. Eilertsen said the city’s “true interest cost” over the 20-year term will be 4.39 percent and that bond insurance will increase the effective rating from A+ to AA at an incremental premium of roughly $9,000. “That 2 tenths of a percent on your bond is about $60,000 of benefit,” Eilertsen said.
Council members were told the bond proceeds will fund sewer, storm and lighting sections of the…
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