Northamptonshire County Council secured “very timely” borrowing from the Public Works Loans Board.
The council revealed this week in its latest treasury management report that in August it had secured £110m for up to 50 years with principal repayable on maturity at an average of rate of 1.68%.
It also secured £10m over 6.5 years with principal repayable on maturity at a rate of 1.12%.
The deals were done before the government raised the PWLB interest rate. The loans will replace the majority of the council’s existing short-term loans from other Local Authorities.
The report said: “Had the council delayed securing these long-term loans, the savings to be realised within the 2020/21 Budget and Medium Term Financial Plan beyond would not have been achievable and therefore this borrowing has proved very timely.”
