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The Big Lake Economic Development Authority unanimously approved issuing $35.38 million in lease revenue bonds to finance a new municipal building that will include city hall, a police facility and possibly a library. The bonds have a final maturity date of February 1, 2052, with a final true interest cost of 4.68%.
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The project will be financed through bonds, with the city making lease payments to the EDA to repay them. Payments are expected to total approximately $1.873 million annually during the first five years and approximately $2.793 million annually for the following 20 years. Future budgets will include the related debt schedule and lease payments.
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