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City takes advantage of refinancing rates

The Sturgeon Bay Common Council was able to approve historic money-saving measures during a fast-moving, 30-minute meeting Tuesday night.  The resolution for awarding the sale of General Obligation Promissory Notes for $4,330,000 at an interest rate lower than one percent, which is unprecedented.  Approved unanimously by the council, the city can now realize over $25,000 in interest savings by refinancing at the low rate.  In other business, the Sturgeon Bay Common Council accepted the bid from Payne & Dolan for shoreline restoration with rock at Bay View Park, better known as the Railroad Spur on the west side.  Councilmember Gary Nault expressed concerns over the bid being more than $40,000 less than other quotes.  After Councilmember David Hayes recommended a future study to look into sheet piling as a possible long-term solution, the motion to accept the lowest bid was unanimously approved for the shoreline restoration. 

 

 

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