The Stevens County Board of Commissioners approved a bond proposal at their meeting on Tuesday for a new Highway Department building. Because the intention was to finance the project with a flat levy, the Commissioners rejected one proposal that would have shaved $200,000 in interest payments from the project but would have added to the levy. Instead, they went with a 20 year bond, and County Coordinator Rebecca Young told the KMRS Community Connection that with the historic low interest rates out there, the County is still getting a good deal.
“We’re anticipating an average coupon of 1.3-1.4, and that is very, very good. So, it’ll be a good interest rate on that debt service,” said Young. “And I think one of the other things, too, is that I know a lot of private projects have got cancelled with the economy and so if we can get something that we need to have done and invest some money back in the community with construction and stuff, I think it’s a good time to do it.”
With this proposal, the Commissioners approved a $15 wheelage tax.