Published April 2003
County
bond sale nets 4.25% interest rate
SCBJ
Staff
The second phase
of financing for the redevelopment of the Snohomish County government
campus is moving ahead, as county officials have approved the selection
of UBS PaineWebber as the company to buy $101 million in county bonds.
The bond sale is
the second for the $167 million campus project.
About $47.5 million
of the $101 million bond sale will go toward the new county campus project.
Other projects receiving money include: the National Flight Interpretive
Center at Paine Field ($21.7 million), Paine Field hangars ($2.7 million),
two solid waste transfer stations ($20 million), election equipment ($5.1
million), and a Sheriff’s Office gun range and impound lot ($781,000).
The bonds will carry
an interest rate of 4.245 percent, but the effective rate will actually
be lower than the average interest rate because PaineWebber’s winning
bid included a premium of $5.1 million. That means the county will only
need to retire a principal amount of $95.9 million.
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