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County commissioners report $7.4 million bond award for Alexander Road project
Summary
St. Joseph County commissioners announced bids were awarded for the second phase of the Alexander Road highway project in Granger, with a $7.4 million bond sold at a 3.14% interest rate, commissioners said.
St. Joseph County commissioners told the county council on March 11 that the second phase of the Alexander Road highway project in Granger will move forward after the county awarded a $7.4 million bond.
Commissioner Carl Baxmayer said bids for the bond sale came in at a 3.14% annual percentage rate, lower than anticipated. "I wanna thank our auditor, John Murphy, our financial advisor, Steve Dalton, and others, for all the work they did in putting this together," Baxmayer said, emphasizing the sale "does not raise taxes" because previous obligations are rolling off and the new bond will take their place.
No formal council vote on the bond occurred during the council meeting; the announcement was an informational report from the Board of Commissioners to the council. Commissioners said the project will proceed consistent with previously published plans and funding authorizations.
The council did not take additional action on the project at this meeting.
