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Lake Forest reports favorable bond auction for new police station; interest savings forecast
Summary
City officials reported the $20 million general-obligation bond auction for a new police station produced strong investor interest and a lower-than-modeled true interest cost, cutting projected debt service by about $651,000; debt service will be paid by property taxes.
Lake Forest officials told the City Council on Jan. 20 that the auction for $20 million in general-obligation bonds to finance a new police station drew robust investor interest and yielded interest-cost savings.
Finance Director Katie Skibby said the sale, held that morning, attracted 12 bidders and 51 bids. A winning bidder paid a $2,100,000…
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