A stock market spiraling down more than 600 points didn't hurt the village yesterday as Ehlers financial adviser Michael Harrigan reported the sale of general obligation bonds to the Village Board on Monday night.
"We all were a little anxious about it," Harrigan said of the sale during the crazy day on Wall Street.
J.P. Morgan Securities was the low bidder, with a true interest rate of 2.8663 percent. The interest rate, lower than the estimate of 3.25 percent, and reduced premium costs allowed the village to borrow $100,000 less than anticipated.
The village will save more about $226,000 in debt costs over the 15-year life of the issue.
The money will be used to refinance about $2.5 million of debt from 2002 and for road, sewer and park projects. The village's share of capital costs for the new dispatch center that will be located in Bayside, $325,000, and for fire department apparatus, $164,800, were also included in the bond issue.
Your link to the biggest stories in the suburbs delivered Thursday mornings.
Enter your e-mail address above and click "Sign Up Now!" to begin receiving your e-mail newsletter Get the Newsletter!
- For those with Down syndrome, Gigi's in Fox Point is more than a playhouse
- North Shore Police Reports: March 26, 2015
- North Shore Police Reports: March 19, 2015
- North Shore Police Reports: March 12, 2015
- North Shore Police Reports: March 5, 2015
- Fox Point Footbridge costs more than bargained for
- North Shore Police Reports: Feb. 26, 2015
- North Shore Police Reports: Feb. 19, 2015
- North Shore Police Reports: Feb. 12, 2015
- North Shore Police Reports: Feb. 5, 2015