Board gets good news about highway borrowingThe Pierce County Board of Supervisors got some unexpected good news about its highway borrowing Tuesday night during its monthly meeting.
By: Jason Schulte, Pierce County Herald
The Pierce County Board of Supervisors got some unexpected good news about its highway borrowing Tuesday night during its monthly meeting.
For months, it was projected the interest rate for the $7 million project would be around 1.67 percent. However, it was announced the rate will now be 1.359.
Joe Murray from Springsted and the county’s financial adviser, said the County received 11 bids and Robert W. Baird and Co., submitted the lowest rate. Murray attributed the number of bids and the low rate to the County’s strong Moody’s rating.
“The County is in a strong position to move forward,” he said. He added the County will be saving around $66,000 with the changes in the interest rates.
The County has 10 years to pay off the $7 million loan, but is required to spend it within the first two years, so be prepared for repairs this spring and summer.
For more please read the Jan. 31 print version of the Herald.