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City of Decorah to borrow $9.6 million

Posted: Tue, Jul 7, 2020 10:02 AM

The Decorah City Council has approved borrowing a total of $9.6 million.  $6,420,000 of that amount will come in general obligation corporate purchase bonds to pay for the Locust Road project.  Another $3,180,000 will be spent on the refinancing of bonds taken out in 2014 and in 2018.  The refinancing of a 2014 Hwy 9 water and sewer bond will save the city $94,000 in interest payments.  The city will also refinance a 2018 Gundersen Hangar bond, saving $63,000 in interest.

There had been discussion of borrowing an additional $1 million to cover the possible costs of having Alliant Energy move power lines on Locust Road, but the first reading of a franchise agreement with Alliant was approved by the city council Monday night.