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Morris City Council authorizes $1.47 million bond sale to help fund new municipal liquor store
Summary
The council voted to sell $1,470,000 of general obligation tax‑abatement bonds (series 2025A) after accepting the low bid from Baird; the bonds will supplement about $500,000 in liquor‑store cash and are structured over 15 years with an estimated true interest cost of 3.54%.
The Morris City Council on a roll‑call vote authorized the issuance and sale of $1,470,000 in general obligation tax‑abatement bonds (series 2025A) to help finance construction of a new municipal liquor store.
Nick Genna, financial adviser to the city, told the council the city received three competitive bids and that Baird submitted the low bid, ‘‘They came in at just under a 3.53% interest cost,’’ which produced a calculated true interest cost…
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