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Bond Issue Approved for $3.5 Million

During Tuesday night’s Pella City Council meeting, a bond issue was approved for the municipal electric utility. The approved bond offer from D.A. Davidson of Denver, Colorado has a 2.44% interest rate on the $3.5 million dollar bond, with a 10 year term. The financial firm outbid five others, which Pella City Administrator Mike Nardini says shows the financial strength of the City of Pella. The primary purposes for the funds is the deconstruction project at the Pella Power Plant, and the overhead to underground conversion project.