The City of Perry is hoping for a good interest rate when they open bids for the $2.2 million in general obligation bonds they’re looking to sell next month.
City Administrator Butch Niebuhr says borrowing rates have been good for a while now and he hopes that will remain the same this fall.
“Now you’ve seen home mortgages go up a little bit so we think the incline is starting possibly, but interest rates are still low and we think it’s still a good time to borrow. We’ll find out I guess in early October when we sell but we’re still hoping for around that three percent range” says Niebuhr.
One of the projects that will be paid for through these bond funds is the new McCreary Community Building parking lot, which Niebuhr says looks like it will be completed before they initially thought.
“Jensen Builders was the successful bidder on that project and it looks like their work schedule has opened up. Since the weather has been so good it opened up to where they’re caught up with their work and they want to knock it out this fall. That I think is a good thing for the users of the McCreary Center that if they can get that knocked out, we’ll have it done before the end of November and Christmas and going into winter, so that’s a good deal” adds Niebuhr.
A public hearing to review and award a bid for the bonds is scheduled for the next City Council meeting on October 7th.