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Sequim community members will be able to buy bonds for new city hall

July 26th, 2013 - 5:19am

Sequim -- Community members in Sequim will have a chance to buy bonds that will pay for a new city hall and police station.

The city is setting up the bond sale so that community members, in addition to traditional bond investors, can buy a piece of the action.

Sequim City Manager Steve Burkett says the city is currently in the design phase for the new facility.

Last month, the city finalized D.A. Davidson in Port Angeles to serve as underwriter for the estimated $10-million dollars in bonds expected to fund the construction for the project.

Burkett says that the bonds will be tax exempt, and have low interest rates.

The bonds will be repaid from the real estate excise taxes, elimination of current rent for city office spaces such as the police station, as well as a public safety tax.

The new city hall will cost around $15 million to build.

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