the interest rate for the Griggs Avenue and Eighth Street Project, special assessments.
Auditor Connie Johnson told committee members the bond sale went very well.
She says the interest rate for that bond was one-point-3448-percent. So she asked to
adjust the interest rate down. The original interest rate when the council approved the
special assessment was three-point-one-percent. Since the interest rate at bond sale
was one-point-3448-percent, Johnson asked to reduce the interest rate to 2.35-percent.
The committee approved that and will recommend the full Grafton City Council do the
same next Monday. Johnson says North Dakota statute does allow a city to charge
one-percent more than what the interest rate is at the sale of the bond. So that's
why she asked the reduced rate be two-point-three-five-percent, not down to 1.3448%.
Ways and Means Committee Chairman Greg Young thanked all city
employees who worked during the flood. Young says it was prescient to build the
dikes to 17-feet. The Park River at Grafton crested at just over 16-feet.
The Grafton Public Utilities Committee is recommending approval for the
SummerFest activities this coming June. SummerFest will be the weekend of
June 27-29th. The Public Utilities Committee also was told citywide cleanup will be
the week of May 20th. The landfill will be open to the public May 26th.
The bid letting for the 18th Street Bikepath project is Friday, May 17th.
The North Dakota Department of Transportation will be putting what's
called a slurry seal coat on Highway 17 this summer from Cooper Avenue in
Grafton east to the Minnesota line. The Public Utilities Committee also approved the painting eligibility credit this summer for Grafton homes.