The Kannapolis City Council voted unanimously to take advantage of a provision allowing the forthcoming $35 million bond issue to include $26.6 million in Build America bonds.

Those are a special kind of bond subsidized in part by the federal government as part of the stimulus bill.

“Right now, the savings that we see would be approximately $2.1 million over the 17-year life of the loan,” Kannapolis Finance Director Eric Davis said.

Ever since the economic downturn struck in 2008, Kannapolis has struggled to finance millions of dollars in infrastructure improvements – water lines, paving and other updates – largely spurred by the N.C. Research Campus.

For details, read the Salisbury Post report.

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