By Natalie Conrad
Herald Staff Writer
FULTON, Ill. —
The Fulton City Council approved a $2.3 million bid this week to bond for capital improvement plan projects.
The plan includes major street and sewer projects. Dave Phillips of Speer Financial presented the bids and findings at a meeting Monday.
“I’m very pleased with the results,” Phillips said. “Obviously I recommend the lowest bid.”
Aldermen accepted the lowest bid from Bernardi Securities, Inc., in Chicago with an interest rate of 3.1792 percent. After the sale, the low bid was increased by $134,000 to $2,353,000 to achieve the planning target of $160,000 annual debt service. The final bid price was $2,340,910.21.
Phillips also announced that Fulton’s alternate revenue source obligation bonds received an “A” from Standard and Poor Ratings Services. This rating is based on the view of the city’s relatively limited economy with several manufacturing businesses, good reserves as a percentage of expenditures and moderate overall debt burden as a percentage of market value.
“It has been a good experience,” Mayor Larry Russell said. “We are looking forward to seeing these projects move forward.”