MONROE - The sale of $1.1 million in general obligation bonds Tuesday for the 8th and 9th street reconstruction project came with an interest rate lower than expected - saving the city more than $35,000 in interest costs over the 20-year life of the bonds.
Greg Johnson, financial advisor with Ehlers, Inc., reported the sale details at the Common Council meeting Tuesday.
Baird, Madison, submitting the lowest of three bids, offered an interest rate of 3.8984 percent. Banker's Bank, Madison, offered 4.08224 percent and Bernardi Securities, Inc. Chicago, offered 4.4984 percent.
The total interest cost over the life of the bonds is $532,000.
The Council authorized the sale of the bonds on April 6.
Greg Johnson, financial advisor with Ehlers, Inc., reported the sale details at the Common Council meeting Tuesday.
Baird, Madison, submitting the lowest of three bids, offered an interest rate of 3.8984 percent. Banker's Bank, Madison, offered 4.08224 percent and Bernardi Securities, Inc. Chicago, offered 4.4984 percent.
The total interest cost over the life of the bonds is $532,000.
The Council authorized the sale of the bonds on April 6.