Primghar Refinances Bonds
June 18, 2020
At Primghar's regular council meeting on Wednesday June 10 the council made final approval of a series of resolutions leading up to this final act to finance Industrial Park streets and roll existing street debt into one debt. The bonds issues in 2012 for the street and associated repairs to the City Square became part of a new bond issue by the City of Primghar. The balance of the refinanced bonds is $590,000. In addition to refinancing these bonds at a lower interest rate the cost of paving an extension for Metcalf Street, Industrial Park Road and Charlton Road to B40 carries a cost of $735,000. The total bond issue, that have comes to $1.325 million.
One significant advantage for the city in refinancing the old bonds is for a better interest rate. Over the life of the bonds the city is expected to save over $17,000 in interest costs by making this move.
The entire bond issue for Primghar has been sold.