Newport’s new swimming pool bonds have been sold at an equivalent tax rate of .42 per thousand, which is three cents below what was on the November ballot. It means Newport property owners will pay a slightly reduced tax than what was proposed on the ballot.
When it comes to voter approval of such special projects, the total cost of the project appears on the ballot. However, the interest rate on the bonds that finance the project floats daily. Today the lowest bid on the interest rate on the bonds came from a private party who lives in Philadelphia.