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Augusta council accepts low bid for $7.885 million bonds; true interest cost 3.89%
Summary
The City of Augusta on Oct. 20 approved awarding a $7,885,000 general-obligation bond issue to the low bidder and passed an ordinance and resolution to authorize the sale. Bond counsel said the true interest cost was 3.89%, producing roughly $1.3 million in interest savings versus earlier estimates over 25 years.
The City of Augusta on Oct. 20 voted to accept the lowest bid and authorize the issuance of $7,885,000 in general-obligation bonds to fund a new public-works complex and water projects.
Kevin Cowan, serving as bond counsel, told the council that four bids were received and the apparent winning bid came from Northland Securities. "The results of the sale today are 3.89%," Cowan said, noting that earlier estimates in September showed a true interest cost in the mid-5 percent range. He said that difference translates to more than…
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