Archive for Wednesday, September 2, 2009

City sells notes, bonds to pay for projects

September 2, 2009

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The city officially took on new debt Tuesday night to pay for a host of previously approved projects.

The city successfully sold $14.12 million worth of general obligation notes, and $3.25 million worth of general obligation bonds.

The notes — which are a form of short-term financing for projects that haven’t yet been completed — were purchased by Jefferies & Company for an interest rate of 0.718 percent.

The 12-year bonds are for longer-term financing for projects that have been completed. UBS Financial Services purchased the bonds for an interest rate of 2.79 percent.

About $9.1 million of the temporary notes were for benefit district projects, which are roads and other infrastructure paid for by developers but financed through the city. About $2 million of the general obligation bonds were for benefit district projects.

Some of the city-at-large projects financed were: $2 million in sewer and water line extensions to the airport; about $600,000 for renovations at the former Carnegie Library at Ninth and Vermont street; and $1.4 million for repairs to the Bowersock Dam.

Comments

Richard Heckler 5 years, 8 months ago

Tax increases galore...

Almost each time this body gets together....

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