SIOUX FALLS, SD (KELO-AM) Sioux Falls Mayor Mike Huether says city taxpayers hit a "home run" in Thursday's bond sale to fund construction of the new $22 million city services building downtown.
The interest rate on the bonds will 3.09 percent. City Finance Director Tracy Turbak says that even beats the bonds for the Sanford Premier Center.
"That was back in 2012, in the spring, We got what we thought was a really outstanding rate then. That was 3.21 percent," Turbak tells KELO Radio News.
Turbak explains that bond repayment will come from the city's second penny revenue fund so there will be no net increase in city taxes, but the lower the bond interest rate the more money will be available in the second penny fund for other projects.
Opponents of the new city building fought it tooth and nail with petition drives and court action, but supporters won out in the end.