CdA To Save $377K on Safety Bond

A lower than anticipated interest rate on a $6 million public safety general obligation passed by voters in May will save the city $377,000.

City finance director Troy Tymesen told the City Council on Tuesday that the secured interest rate through Mountain West Bank is 2.05 percent. The projected rate was 2.96 percent. Tymesen said he was thrilled with the low interest rate offered by the local bank. “It’s phenomenal and it’s savings we can pass along to taxpayers,” Tymesen said. On May 19, Coeur d’Alene voters approved a $6 million, 10-year public safety bond to fund needed capital expenditures for the Police and Fire Departments. The general obligation bond replaces a 10-year bond approved by voters in 2005/ Coeur d’Alene Today.