City officials secured a 1.7 percent average interest rate on $9.4 million it is borrowing to fund the construction of a replacement for Fire Station No. 1.
The low rate was aided in part by the city's recently reconfirmed AAA bond rating. Moody's Investors Services on Tuesday confirmed the highest possible rating for the city.
Construction is expected to get under way in mid-July on the two-story, 29,500-square-foot station, which will be located at 1601 Underwood Ave. When finished, it will offer more space for apparatus storage and maintenance and training activities, modern mechanical systems and sustainable design features.
Common Council members Tuesday unanimously approved the $9.4 million in borrowing, along with $5.3 million in borrowing to fund the cost of capital projects. The second loan, one the city takes out each year, was borrowed using a Build America federal subsidy for a 2.9 percent average interest rate.
Jim Archambo, city administrator, said ongoing economic turbulence has municipal bond investors looking to governments with higher bond ratings, since they usually represent a lower financial risk.
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