The city of Augusta has sold $30.55 million in bonds for projects in the sixth special-purpose sales tax package, with a 1.97 percent effective interest rate through Robert W. Baird & Co., according to Assistant Finance Director Tim Schroer.
Because of the citys stable economy, financial stability and low indebtedness, Moodys Investors Service assigned an A1 rating to the bonds, making the low interest rate possible, Mr. Schroer said.
The money was raised up front to pay back $10 million in debt generated in the Medical College of Georgias purchase of Gilbert Manor public housing project.
It will also pay for $10.5 million in airport projects, $6 million for the sheriffs offices new administration building, $2 million for design work on the Webster Detention Center and $5.9 million in engineering projects, Mr. Schroer said.
Those totals include interest costs. Under the deal, the city raised $32.7 million in cash, and will make $34.4 million in payments over five years.
The bonds were sold on Dec. 15.