The city of Alexandria received low interest rate bonds this year through a financial firm which they say will be used to fund various projects.
The city received just above $40 million in tax-exempt bonds with an almost three percent interest cost from Robert W. Baird & Co., which will be used for schools, parks, public buildings, metro and other transportation improvements.
Officials say the bonds will be repaid over 20 years.The city financial director says residents can look forward to visible improvements in the area.
“Our roads will be easy to drive on. It will be easy to get around in the city. Our fire stations will enable people to respond to fires more rapidly. The waterfront flooding. You guys come down here a lot when the water is backed up and we are trying to mitigate that so business owners in the city are able to enjoy old town more,” said Kendel Taylor, the director of finance.
The city received 12 bids from various banks and financial groups.