At Monday night's meeting the New Hampton City Council approved sale of two issues of general obligation bonds. Both issues were purchased by Banker's Bank, Madison, Wis., along with Luana Savings Bank, New Hampton.
Series 2009A, totaling $400,000, will be used for the City's portion of the Main Street renewal for $250,000 and the City's share of $150,000 to be used for purchase of a new fire truck.
The second issue 2009B, for $1,295,000, will be used to redeem outstanding bonds dated Jan. 1, 1999. The reissue will result in a savings to the City of $78,000, due to a lower interest rate.
The interest rate on 2009B the larger issue is 3.07 percent and 3.51 on 2009A. There were a total of four bidders on the larger issue and three on the lesser one.