Government : City Approves sale of GO (General Obligation) Bonds

The council met with Tionna Pooler of Independent Public Advisors, LLC. The council approved a resolution awarding the sale and authorizing the issuance of GO Bonds aka General Obligation Corporate Purpose Bonds, Series 2020A and providing for the levy of taxes in the amount of $4,070,000.

The bids were sold to Bankers Bank 1.49% about .36% less than anticipated and less than the bonds that the city sold in 2016 which sold at 1.63% and those were only 7 years in length, and these are for 15 years. 

There were 5 bids in total with Bankers being the lowest. 

With these numbers the city will have about $200,000 that they can then use on additional street projects. 

Both Pooler and City Administrator Chris Ward told the council that these rates are really good. 

The bonds will go toward street projects and much-needed upgrades for equipment, and walking trails.