November 27, 2008

Airport completes bond sale

In a major announcement that should impact the growth of the city for years, officials said Monday that a bond sale for the renovation of the runway at the Beulah airport has been completed, and with it, a state grant of $235,000 to pay for nearly half the costs of the renovation.

Saying, "It’s a great opportunity, and a much need project" and that, "we just added 20 years to the life of our runway," Beulah City Planning Director John Phillips announced that the Beulah Airport Authority had finalized the bond sale, and had received the grant from the North Dakota Aeronautics Commission, a state agency, in the amount of $235,000.

With the bond sale of $225,000, all but $23,000 of the cost of the work is in hand. The final monies will come from the airport mill levy.

The bonds for the project were sold on a 15-year term, at an interest rate of approximately 5 percent.

"It’s nice. It’s a great project," Phillips said. "It is certainly an enhancement to the airport. We have a tremendous amount of traffic out there."

The project has been in the works for some time. The state Aeronautics Commission had visited the airport this past summer.

The Weather Network