Park Board approves TRAC bond sale company

Jamestown (CSi) On a 4-1 vote, the Jamestown City Park Board has approved contracting with Dougherty & Company to handle the sale of bonds for the Two Rivers Activity Center.

Commissioner Mark Ukestad cast the lone no vote, saying he wanted to see the bond sale handled by a public entity.

Dougherty and the North Dakota Public Finance Agency were the only two bidders for the contract. Dougherty had about $70,000 lower costs of bond issuance and estimated interest costs of about $102,000 less than the North Dakota Public Finance Agency.

The bonds will be sold in March and interest rates may vary between now and then. The ultimate cost of repaying the $28.6 million bond will be $39.4 million based on an interest rate estimate of 3.3 percent.