The City of Andalusia’s industrial bonds were sold last week at a blended interest rate of 4.61 percent, Mayor Earl Johnson told city council members Tuesday.

“This is extremely good, especially since we’re not dealing with tax-free bonds,” Johnson said.

Proceeds will be used to fund the construction of a building in the industrial park for SaeHaeSung; improvements to the property known as the “Alatex property;” and the purchase of additional property at the city’s industrial park.

Johnson said the SaeHaeSung project will proceed at “break-neck speed” over the next 10 days as the building is readied for the Hyundai supplier to move equipment in.