by Dennis Dalman
A general obligation bond sale of $13.6 million was approved unanimously by the Sartell City Council at its July 11 meeting.
Proceeds from the bond sale will be used for the following projects in the city: the ongoing reconstruction of CR 1 (Riverside Avenue), the 19th Avenue reconstruction, installation of a wastewater lift station in Rotary Park and sewer-main repairs.
The bonds are being underwritten by Hilltop Securities of Dallas, Texas. The agreement calls for the city to repay the bond funds over a 20-year period at an interest rate of 3.6 percent. Sartell’s double-A bond rating from Standard and Poor’s helped obtain that lower interest rate.
