Even with a competitive 3.354 percent net interest cost, the City of Bettendorf's latest $20.8 million general obligation bond issue will cost taxpayers more than $8 million in interest over the next 20 years.
The bond proceeds will be used to pay for capital improvement projects approved by the city council including $3 million for paving Forest Grove Road, $1.85 million for paving Hopewell Avenue, $1.55 million for repaving and widening of Utica Ridge Road, $1.4 million for new recreation trails along Crow Creek and Highway 67, $1.2 million for street reconstruction of portions of Summit Hills, Olympia Drive, Shadowbrook Drive, Central Avenue and Halcyon Drive, downtown and park improvements and a new roundabout at Middle and Crow Creek Road.
City Administrator Decker Ploehn and the city's bond counsel, Springsted, Inc., told city council members at Tuesday's (4/1) meeting they were very pleased the bidding attracted nine bond underwriting firms and that the interest rate from the low bidder was within a thousandth of what the bond consul had been expecting prior to the city's recent downgrade by Moody's Investor Service.