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July 19, 2008, 9:30 pm
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 Jordan awards sale of $8.6 million in bonds
August 20, 2007 - 10:49pm — Mathias Baden
With its eyes on a new city hall and library, a larger fire station, a cleaner Mill Pond, and an expanded water plant, Jordan awarded the sale of $8.61 million in bonds tonight (Monday). Kathy Aho of Springsted Financial told the city council that the eight bidders to lend money to the city might be a new record for Jordan. From Piper, Jaffray & Co., the city got a favorable true interest rate -- 4.1159 percent -- on general obligation utility revenue bonds that cannot be fully paid off until 2017, Aho said. The bonds are payable out of the water, stormwater, and sewer funds through 2023. The city's bond rating is A3, but with insurance, Moody's Financial Services upgraded the rating for this sale to Aaa. The price of the bonds is more than $8.6 million, and the net interest cost is more than $3.3 million. |
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