PORT ANGELES — The city will use a $1.2 million bond to buy property for the Port Angeles International Gateway Transportation Center.
The City Council approved the first reading of a bond ordinance at a special meeting Monday night.
The bond resolution will become official following a second reading by council members at their Feb. 7 meeting.
The bond, which has a 6.5 percent interest rate, will have twice a year payments of between $42,000 and $46,000 for 15 years.
City Finance Director Yvonne Ziomkowski said the bond also includes a $1 million balloon payment in 2021.
The city will transfer $500,000 from its capital improvement program, $150,000 from its property management fund and $100,000 from a contingency fund into a separate fund to prepare for that payment, she said.
It’s only $750,000, so the city will designate other property sale proceeds, parking revenue and interest for the fund also, Ziomkowski said.