The Marshall County Board of Supervisors agreed to borrow $1.21 million to pay for capital improvement projects and some new county vehicles.
The county locked in an interest rate of 1.21 percent which means it will pay $50,831 in interest over the course of the 36-month loan.
"I didn't think I'd ever be borrowing it that cheap," said Supervisor Deane Adams.
T-R PHOTO BY ANDREW POTTER
Financial advisor Jeff Heil, right, talks to the Marshall County Board of Supervisors about the $1.21 million the county is borrowing to pay for projects during a meeting Tuesday. Supervisors, from left, are Denny Grabenbauer, Dave Thompson and Deane Adams.
Financial advisor Jeff Heil of Northland Securities responded, "That's where the market is."
The money will be used to pay for tuckpointing at the jail, the HVAC project on the west side of the courthouse, vehicles for the sheriff's office and other purchases.
Supervisor Dave Thompson said this borrowing, which has the county purchasing capital loan notes, has been been a lengthy process.
The supervisors also agreed to a $365,773 contract to replace a bridge on Parker Avenue north of Haverhill and south of Marshalltown. The replacement will be done by the same company that is currently replacing a bridge in the Melbourne area for the county - Peterson Contractors of Reinbeck.
County Engineer Paul Geilenfeldt said Parker Avenue is heavily used, especially by emergency personnel in the Haverhill area.