City Council approves project to install new street, stop-and-go lights

    GRUNDY CENTER — The Grundy Center City Council gave the final go-ahead for new street and stop-and-go lights in and around Grundy Center.
    The project will be financed through a 10-year, $400,000 in general purpose bonds purchased from GNB. Jeff Heil of Northland Securities told the Council that he looked at both purchasing the bonds through the bond market and from GNB, noting that the increased interest rate from GNB (3 percent) versus the bond market (2.6 percent) is offset by lower fees through the local bank.  Five years of the bonds through GNB are protected while the other five years are callable.
    “I guess after looking at it, my recommendation is that you go with Grundy National Bank (GNB) at the 3 percent, that way you don’t have to do the continuing disclosure annual report,” Heil said.
 

For more of this story, see the Oct. 24 Grundy Register.