The Sturgeon Bay Common Council passed a resolution Tuesday evening awarding the sale of roughly $4.3 million in general obligation notes. The debt will finance various city-improvement projects and the acquisition of vehicles and equipment during the next decade. The sale also included refinancing outstanding debt at an interest cost savings of $36,000.
Brad Viegut, Baird managing director, had predicted last month that the interest rate would be low, around 1.3 percent, but it came in below 1 percent.
“Just a phenomenal interest rate,” he told the Common Council. “You’re borrowing $4.3 million over nine years, and the interest expense to taxpayers is less than $150,000.”
“Take the money and run, right?” Mayor David Ward said. “The only thing better would have been negative interest rates.”