Ripon Common Council Approves Capital Improvement Borrowing
13 February 2020 News
The Ripon Common Council this week unanimously approved borrowing for capital equipment purchases and street overlay projects. Investors Community Bank will be lending the city just over $1.7 million at an interest rate of 3.05 percent, 5 years on the equipment purchase and 20 years for the street overlays. City Administrator Lori Rich says the interest rate is lower than what the State Trust Fund and other local lending institutions could offer. More than $1.1 million will be used to purchase equipment for various city departments while the remaining $561,000 will be used for street improvements.
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