The Jasper County Board of Supervisors have approved two bids for $5.1 million of borrowing, with $4.3 million going to land acquisition and development of the Jasper Rail Park Urban Renewal Area. Jon Burmeister, Owner and Managing Director of Public Financial Management, led the supervisors through the sale of the ten year General Obligation Capital Loan Notes on Tuesday.

“We invited all underwriters in the United States to bid on the county’s bonds. We did get a reconfirmed “AA2” bond rating from the rating agency.”

Robert W. Baird & Consortium Incorporated out of Milwaukee, Wisconsin submitted the lowest interest rates on both Capital Loan Notes. The firm’s 4.86% interest rate bid on the $4.3 million in borrowing for land acquisition and development of the Jasper Rail Park is below Burmeister’s targeted interest rate of 5.1%. He says that will save the county $98,000. The planned 481 acre industrial park just northeast of Newton is being developed as a joint project with Iowa Interstate Railroad to attract businesses needing rail access or with high energy requirements.

An approved 3.91% interest rate on $800,000 of General Obligation Capital Loan notes to fund a shop at Mariposa County Park, a shed at the Jacob Krumm Nature Preserve, and the Jasper County Sheriff Department’s Training Facility was also better than Burmeister’s 5% estimate, and will allow Jasper County to save an additional $53,000.