City of Bismarck to take out $26 million loan from Bank of North Dakota
BISMARCK, N.D. (KFYR) - At Tuesday’s meeting, the Bismarck City Commission unanimously voted to approve a $26 million loan from the Bank of North Dakota.
The loan will be used for improvements to the Bismarck Public Works building, and it will help finance the project over 20 years.
The annual payment of approximately $1.5 million will be covered by the city’s solid waste and utility fees.
Bismarck Finance Director Dmitriy Chernyak said the low interest rates make this loan the best option for the city.
“Very rarely do you ever see an interest rate of two percent on a loan of this size or any kind, really. So, this is the prime time to take advantage of it. Doing it now versus doing it later would save the citizens a lot of money,” said Chernyak.
Chernyak said if anything, Bismarck residents could see an increase of around 30 cents per month in their solid waste and utility fees over the next few years.
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