SOUTH PORTLAND — The city borrowed $12.7 million at 2.05 percent interest on Tuesday through a municipal bond sale that will finance the ongoing construction of a new municipal services facility on Highland Avenue, said Finance Director Greg L’Heureux.
The city secured the low rate for a 20-year term after Standard & Poors and Moody’s Investors Service this month reaffirmed South Portland’s stable triple-A bond rating. The agencies assess the management and finances of the city, including its ability to pay debts, L’Heureux said.
A new $15.7 million municipal services facility is under construction on the site of the former solid waste transfer station at 929 Highland Ave. A new transfer station, including a swap shop, was built beside the old one and began operating in January.
The new municipal services facility will replace the existing public works complex on O’Neil Street. The facility is expected open in September 2017 and will house the city’s public works, parks and transportation maintenance divisions.
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