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Kiel council approves $4.3 million general-obligation notes; sale yields 4.35% true interest cost
Summary
The Kiel Common Council voted 5-0 to approve Resolution 2025-4 authorizing the sale of $4,300,000 in general-obligation promissory notes, Series 2025A. City financial advisor Joe Murray reported bids ranged from 4.35% to 4.66%, raising projected tax-rate impacts slightly.
The Kiel Common Council on Tuesday approved Resolution 2025-4 authorizing the issuance and sale of $4,300,000 in general-obligation promissory notes, Series 2025A, to fund planned capital-improvement projects.
Joe Murray, the city’s financial advisor from Eller’s, told the council the note sale drew three bids and produced a true interest cost of 4.35%, slightly higher than the team’s 4.28% projection. "The true interest cost flow bid came in at 4.35%. That is 7 basis points higher," Murray said.
The difference added roughly $13,807 in interest over the 20-year term, Murray said, and will raise the debt-service portion of the property-tax rate by about 7…
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