When Fort Dodge city officials went to the bond market on Monday to borrow the money to pay for some upcoming projects, they received some remarkable interest rates.

A bond issue that will total up to $9.3 million has an interest rate of less than 1 percent.

Another bond issue totaling up to $8.5 million has an interest rate of 1.88 percent.

The council approved both bond issues unanimously Monday evening.

The debt will be paid off with a combination of property tax revenue and money from tax increment financing.

The $9.3 million will be borrowed from a group of financial firms led by Robert W. Baird & Co. Inc., of Milwaukee, Wisconsin.

The biggest single piece of that bond issue is $3.25 million earmarked for storm sewer and street projects. A full list of the projects to be completed with that money was not available Monday.

Refinancing a bond issued in 2012 is the other major piece of the latest issue. A total of $2.95 million is being refinanced in a move that will save $234,000.

These additional projects will be financed with money from that bond issue:

• $700,000 for continued Municipal Building renovations.

• $700,000 for an addition to the firehouse.

• $500,000 for new trail construction.

• $250,000 for work at the aquatic center.

• $225,000 for airport improvements.

• $200,00 for parks improvements.

• $200,000 for the Blanden Memorial Art Museum.

• $150,000 for improvements at the Fort Dodge Public Library.

• $50,000 for repairs at Citizens Central.

The $8.5 million bond issue includes $6.7 million to reimburse Crossroads Plaza Development, the new owners of the Crossroads Mall, for demolition costs.

It also includes $1,550,00 for blight removal and demolition.

The money was borrowed from Piper Sandler & Co., of Chicago, Illinois, which offered a 1.88 percent interest rate.