Bismarck To Bank Of ND - "Can We Borrow $26 Million Dollars?"

I personally have never walked into my bank or any bank for that matter, and asked for a loan. I'm not very street smart at all, so I have no idea the logistics of securing a loan. How much interest am I going to be hit with? How does a bank go about deciding just how much to tack on to someone? It's not the greatest feeling to have to borrow anything from anyone. I'm strictly at this point trying to put myself into that "asking for money" mode - Obviously like most people, I can't even fathom what the City Of Bismarck has reached out for.

Imagine putting your name down on a $26 million dollar loan

This afternoon I had a 5-minute telephone conversation with Bismarck Mayor Steve Bakken - he told me that yesterday that the Bismarck City Commission voted to approve a $26 million dollar loan from the Bank Of North Dakota. The only thing that went on in my head was, could I imagine signing MY name on a $26 million loan? The money will be used for Infrastructure and improvements - Bismarck Public Works building for one.

So..what would you guess the bank interest will be?

The Mayor told me "An incredibly low 2 percent" Now I am way ahead of you on this next question, will we as Bismarck residents see an increase in any kind of fees? Yes, around 30 cents per month in solid waste. According to Bismarck Mayor Bakken "The ability to tap into the revolving loan fund through the Bank of North Dakota, afforded us by the legislature and governor's office, provides us with a great opportunity to save our taxpayers money on municipal projects"