FDL City Council Approves Two Bond Issues
The Fond du Lac City Council last week approved bond issues for Capital Improvement projects and the Highway 45 jurisdictional transfer. Just over $9 million will be borrowed for this year’s capital improvement projects and $3.8 million to improve portions of the former Highway 45 in the City. Bond consultant Paul Thompson told the City Council the final interest rate for the capital improvement project borrowing was better than they anticipated. He says, “When I was here in February we anticipated a rate on these notes of 3.06 and the final rate is 3.04, we were fairly close.” Thompson told the Council the rate for the Highway 45 borrowing was 3 percent, which is what they expected. Director of Administration Tracy Salter informed the Council that the borrowing for that will be paid off in December of 2021 when the state makes a large payment to the City for the jurisdictional transfer of Highway 45.