Bonds approved, project progresses for new Hillsboro aquatic center
Another step was taken Oct. 4 by Hillsboro City Council to keep the development of Hillsboro Family Aquatic Center moving forward.
Jerry Rayl of Gold Capital Management, reported the city was able to eliminate some costs which reduced the total project cost to $2,550,000. An $80,000 fee to issue bonds made the bond total $2,630,000.
During a 20-year pay-back period, the annual payment would be $201,000. The interest rate would be between 3.15 percent and 4.75 percent. The average interest rate will be 4.507 percent. During the first five years, funds for bond payments will be drawn from the electrical account, said mayor Delores Dalke.
The council recessed and a Public Building Commission meeting was opened. A resolution was approved which authorized the issuance of $2,630,000 in improvement revenue bonds.
The resolution also authorized a lease of the facility between the Public Building Commission and the city.
The commission also approved a bond purchase agreement for $52,600 between Gold Capital Management and the building commission.
Rayl said Oct. 22 was the anticipated settlement date for the bonds.
A meeting will be held Thursday to discuss pre-construction, Garrett said.
