Arlington Heights captures low rate for bond issue

Arlington Heights officials say they'll be able to borrow and pay for public infrastructure projects at some of the lowest interest rates they've ever seen.

Following a competitive bond sale Monday that brought in 32 bids from eight bidders, the village accepted the offer of Chicago-based Huntington Securities to buy $11.6 million worth of bonds at a 0.8979% interest rate.

"That's an amazing rate," said Trustee Bert Rosenberg, the village board's financial guru. "Every time there's another bond issue, it's lower and lower."

Village Finance Director Tom Kuehne said that rate - the lowest he's seen in a career spanning some four decades - will help with the village's long-term plans to lower its overall debt service by thousands of dollars.

The proceeds from the bond sale will be used for water main replacements, street rehabilitation and public parking lot improvements, officials said.