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LOCKPORT RECEIVES RATE OF 3.74% ON BORROWING

The city will pay 3.74 percent interest on almost $5 million worth of short-term securities it sold this month, City Treasurer James W. Ashcraft Jr. announced Thursday.

Lockport sold $4,905,000 worth of one-year bond anticipation notes to Fleet Bank, the low bidder. Five other bids were received, all but one of them for interest rates under
4 percent.

The city will have to pay $183,447 in interest on the notes, which Ashcraft said is $10,791 less than it paid on the same money in 1997. Last year's interest rate was 3.96 percent.

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