By Nancy Huddleston, Editor

Two bond sales that will pay for street improvements and  equipment and another that will refinance some old bonds for a better interest rate were approved Monday night (May 5) by the Savage City Council.

The largest bond sale is $3.845 million, which will finance: $1.105 million for the 2008 street improvement projects; $310,000 for the Xenwood Avenue reconstruction; $1.145 million for the McQuiston Court extension and $1.28 million for the right of way for the Glenhurst/Chowen project.

Some $635,000 in equipment certificates will be sold to finance: a truck pumper, to refurbish a tanker truck and a grass truck with pump for the fire department; for two marked and one unmarked squad cars with accessories for the police department; and two mowers, two pickup trucks and a one-ton dump truck for public works/parks and a generator for utility vehicles and equipment.

And $1.730 million in improvement refunding bonds will be sold to get a lower interest rate and result in a cost savings. Based on current interest rates, Springstead Inc., the city’s financial advisor, estimates the refunding will save $13,806 annually.