The Village of Archbold will pay about 3.782% interest on $3.7 million in bonds that were sold Tuesday, Feb. 9.
Fifth-Third Securities, Inc., purchased the bonds in an online Internet auction.
Three sets of bonds, which will mature in 18 and 20 years, finance debt incurred for the construction of Woodland Park and the reconstruction of the village wastewater treatment plant.
Fifth Third’s offer was the lowest.
Other bidders and their interest rates, were Wells Fargo Advisors, 3.814955%; Raymond James & Associates, Inc., 3.840930%; Robert W. Baird & Company, 3.863189%; Ross, Sinclaire & Associates, Inc., 3.901669%; KeyBanc Capital Markets, 4.110995%.
Dennis Howell, Archbold village administrator, said he and Ed Leininger, president of Archbold Village Council and chairman of the council finance committee, were pleased with the bids.
During the Monday, Feb. 15 meeting, Howell said a letter of transmittal has been sent to the law firm of Squire, Sanders & Dempsey, LLP, in regards to the finalization of the sale of Archbold bonds to Fifth Third Bank.
Howell said the paperwork to complete the sale was to be received Tuesday, Feb. 16, and will be completed and filed Thursday, Feb. 18.
Leininger said the bankers they were working with at Fifth Third were impressed with how quickly village offi- cials were able to gather and submit all the paperwork required for the sale.
Howell said the village was going to issue about $3.8 million in bonds, but officials later decided to pay down an additional $100,000 of debt, resulting in the final $3.7 million figure.–David &