City Administration Building borrowing rate a 'home run' for Sioux Falls taxpayers, mayor says
The City of Sioux Falls issued bonds Thursday that will help fund the construction of the new City Administration Building.
The City awarded the bonds to Hilltop Securities Incorporated, who provided the lowest bid with the lowest interest cost out of the five bids it received.
The interest rate of the bonds is 3.09 percent, which City officials say is an outstanding deal for Sioux Falls taxpayers.
“This incredible borrowing rate is a testament to our city’s financial strength and the insatiable demand for investing in Sioux Falls. The timing of this bond sale couldn’t be much better, and it turned out to be a home run for Sioux Falls taxpayers,” Mayor Mike Huether said.
The $21.9 million provided by the deal will also go toward improvements to Van Eps Park and Dakota Avenue.