by Dennis Dalman
The Sartell City Council at its last meeting unanimously approved the issuance of a $10-million general obligation bond.
The bond will pay for three needs in the city: $7 million for the East Side Reconstruction Overlay Plan, $2 million for Phase 2 construction of the Sartell Public Facilities Building (new police and fire department headquarters) and $1 million for a new fire department ladder truck.
A representative of Ehlers & Associates, Sartell’s financial/bonding company, presented details of the bond sale. Bids on the bond were opened the morning of Jan. 14, and Wells Fargo was the lowest bidder.
She noted the bond has a “great” interest rate of 2.97 percent, thanks to Sartell’s excellent bond rating from Standard and Poor’s for the city’s good budget management and healthy liquidity.
The payback terms of the bond will vary: for the east-side project five years, for the ladder truck 10 years and for the public facilities building 15 years.