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On May 21, 2019, citizens of Moscow approved the City of Moscow's proposal to issue municipal bonds to construct a new police services facility, remodel the current police facility on Fourth Street and remodel the Paul Mann Building on Second Street. The authorized sale of the bonds for the project was finalized on August 20, 2019, and City received an exceptionally low-interest rate of 1.27%, which was significantly lower than the original estimate of 2.21%.
This lower rate results in a total savings of more than $500,000 in interest expense over the 10-year term of the bond and will provide direct cost savings to the City's taxpayers. Original estimates at the 2.21% interest rate indicated an approximate cost of $85 per year per $100,000 of taxable property value. With the lower interest rate of 1.27%, the estimated cost can be as low as $73 per year per $100,000 of taxable value.
Mayor Bill Lambert notes of favorable rate, "The City's credit rating is a direct reflection of the strong financial policies and practices the City employs. I am very excited that with this news, we can keep dollars in the taxpayers' pockets. Our commitment to maintaining a fiscally responsible approach to all financial decisions, through strategic planning and priority-based budgeting has certainly paid off in this project."
The construction timeline for the new police services facility remains on track with design currently underway with planned construction bid advertisement in January and construction to begin in the spring of next year.