Sioux Falls announces sale of bonds for events center
The City of Sioux Falls is taking the first step in financing the construction of a new events center approved by voters last fall. The city plans to sell bonds next Tuesday in order to pay for the 115 million dollar facility.
Tracy Turbak is the City Finance Director for Sioux Falls. He says the city will hold two separate bond sales to finance the events center. The first one, scheduled next week, will make up around 90 percent of the total bonds needed coming in at around 102 million dollars. Turbak says the city will sell the bonds by competitive sale and award the bid with the lowest interest rate. He says interest rates are very favorable in the municipal bond market right now.
Turbak says, “The city of Sioux Falls has an excellent credit rating we expect there to be very high demand for these bonds next Tuesday largely because of the financial strength that the city continues to enjoy,”
Turbak says the city will start receiving bids Tuesday morning and the sale will be awarded at the end of the business day.
By Jackelyn Severin