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!
- North Shore Police Reports: June 25, 2015
- University School was on "soft lockdown" after police shooting in Milwaukee
- North Shore Police Reports: June 18, 2015
- North Shore Police Reports: June 11, 2015
- University School of Milwaukee students aim to provide 60 mattresses to homeless shelter
- North Shore Police Reports: June 4, 2015
- North Shore Police Reports: May 28, 2015
- North Shore Police Reports: May 21, 2015
- North Shore Police Reports: May 14, 2015
- Winter's not through with us yet