(ATLANTIC) The Atlantic City Council approved a resolution authorizing issuance of GO Bonds in the amount of $2,720,000.
As part of the Capital Improvement Plan, the purpose of the General Obligation Corporate Purpose Bonds will fund the cost of construction for improvements to streets and storm sewers, the acquisition of traffic control devices and equipment for the police and street departments, making improvements to the City Hall, the municipal salt shed and the senior center and making a grant to Iowa Western Community College for building improvements.
“The interest rates are pretty good on this series of bonds, the shortest term portions are a quarter of a percent interest, the longest term; the highest interest rate in the whole series, is 2.5, so that’s pretty favorable,” said City Councilman Shawn Shouse.
The closing date and delivery of funds has been changed from May 30th to June 20th.
In other activity, the City Council tabled the actions relative to the Sewer Revenue Bonds to the June 5th meeting.