MARSHALL — This week, Marshall City Council members approved the sale of a total $6.62 million in general obligation bonds, to finance projects ranging from street reconstruction to park improvements.

In a presentation at Tuesday’s city council meeting, Mikaela Huot of municipal advisors Baker Tilly said the city received a total of six bids for the bonds.

“So it was a pretty competitive market,” Huot said.

The proceeds of the bonds will be used to finance projects included in Marshall’s street reconstruction plan, as well as improvements to the city airport, wastewater and surface water projects, and park improvements. The street projects include the reconstruction of part of North High Street between Fourth and Oak streets, and South Fifth Street between Saratoga Street and Main Street. The parks improvements include construction of a new restroom, concessions and viewing area at Legion Field.

“The total bond amount is $6.62 million,” Huot said. She said the bond will have a 10-year term.

Out of the six bids the city received, the winning bid had an interest rate of 3.264%. Huot said that was higher than interest rates seen in January, but it was down from interest rates of 3.77% from last year.

“We’re still relatively low in the world of interest rates, but a little bit spiked from what we were first looking at,” she said.

Huot’s presentation also said the city of Marshall had a strong credit rating. Part of the bid process for the bond included a review with a rating analyst, she said.

“The call this year was very brief because the city’s got a great history,” Huot said. She said S&P affirmed that the city of Marshall had a AA credit rating with a stable outlook. “This reflects, from the city’s standpoint, a stable economy, balanced budget results, healthy reserves and liquidity position when reviewing the long-term operating forecast.”

Having a strong credit rating has positive impacts for the city, like lower interest rates, Huot said.

Council members voted to award the sale of bonds.