Washington Evening Journal
https://washington-ia.villagesoup.com/p/1766920

Fairfield Ledger   Mt. Pleasant News
Neighbors Growing Together | Aug 21, 2018

Bond sale approved for Fire Station project

Jul 26, 2018
Photo by: David Hotle Bond attorney Owen Gerrard discusses the sale of $1.8 million of bonds to fund the new Washington Fire Station.

By David Hotle, The JOURNAL

 

No comments were made Tuesday during a public hearing on the issuance of local-option sales tax revenue bonds to fund the Washington Fire Station project and the Washington City Council voted to issue the $1,845,000 in bonds.

During discussion Owen Gerrard of EMF, the city’s bond attorney, said the sale had been held Monday with the formal acceptance being done by the council during the special session Tuesday. He said one underwriter was selected ahead of time and that underwriter had its own sale of the bonds. He said the Minneapolis, Minnesota-based Northland Securities had made the proposal for the bonds. He said the bonds would have a debt service of about $60,000 per year for 15 years.

“This does not hit the debt service levy,” he said.

Washington City Administrator Brent Hinson has been working on the issue for some time and has the bonding worked into his overall financial plan for the city.

Gerrard said the total cost of the bonds is $2,350,000.

Also at the meeting the council adopted the plans and specs for the building project.

Grading work has already been done to the site. The fire station is estimated to be complete in August 2019. Once the new fire station is built, the city will remodel the old fire station to give the police department and city much-needed space, he added.

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