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Piper Jaffray Purchases Longterm Bond for Avon Free Public Library

The town received a low interest rate on the bond.

Minnesota financial company PiperJaffray bought a bond for the expansion of the Avon Free Public Library a couple weeks ago, according to Town Council Chairman Mark Zacchio.

The town will be paying 1.57 percent interest on the loan, which is considered a low bonding interest rate, Zacchio said. The bond could take up to 17 years to pay back.

Long-term bonding, essentially a loan procured by the sale of bonds to an investor, typically happens after a construction project is completed, he said. Throughout the project, the town sold smaller bond notes to help fund it.

Piper Jaffray is a company that handles "asset management," "investment banking," "public finance," "institutional brokerage" and "research," according to its website.

The completed library reopened to the public last April.

Correction: The sentence that originally began with "The town will be pay 1.57 percent interest on the loan" should say "paying." The typo has been corrected.

Kelly P November 01, 2012 at 08:12 PM
"The town will be pay..." huh?
Jessie Sawyer November 02, 2012 at 01:38 AM
There was an "ing" missing. Thanks for catching that, Kelly! The correction has been made. Jessie Sawyer Editor, Avon Patch

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