SEQUIM — The city of Sequim will receive $3.3 million from the sale of water and sewer utility bonds that will help fund its new Civic Center and Community Plaza.
The sale was held Dec. 18 and finalized Tuesday.
Interest on the bonds will range from 3 percent to 4 percent — or about $230,000 — that will be paid by water and sewer utilities starting Jan. 1. The bonds will mature in 20 years.
City Manager Steve Burkett cited the city’s A-plus rating by Standard and Poor’s for its ability to sell the bonds.
“The high credit rating contributed to the successful sale of the bonds, allowing the city to take advantage of record low interest rates to finance this portion of the Civic Center facility and still keep our utility fund balances at very healthy levels,” he said.
The Sequim City Council had approved the sale of the bonds late last year.
The new 33,000-square-foot Civic Center will include a police station and city offices when it is finished sometime mid-2015.
Earlier this month, the City Council approved spending $530,000 more to create a paved Community Plaza next to the new building at North Sequim Avenue and Cedar Street.
Council members approved an additional $50,000 for public art — yet to be selected — for the interior of the center that will bring the Police Department and municipal offices under one roof.