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Hutchinson council approves $6.255 million in bonds to fund infrastructure and demolition projects
Summary
Council approved Series 2025A and 2025B bond authorizations: $5.19 million nontaxable for multiple improvements and $1.065 million taxable for atrium demolition; staff reported favorable bid results.
HUTCHINSON, Kan. — The Hutchinson City Council on May 20 authorized two bond issues totaling $6,255,000 to fund planned city projects, accepting competitive bids and adopting the accompanying resolution and ordinance language.
Angela Richard, director of finance, told the council the nontaxable Series 2025A issue was offered to pay for Woody Seat renovations, City Hall safety work, 30th Avenue reconstruction, City Hall boiler and fire station preemption, and LEC elevator repair. The winning bids and a premium reduced the issuance from an initial estimate of $5,270,000 to a final issuance amount of $5,190,000.
Richard described market uncertainty coming from a recent federal credit rating action but said the city received five bids on the nontaxable issue and bid results ranged from about 3.947% to 4.41%: “So, we are pleased with these results and to accept these bond bids,” she said.
The council also authorized a taxable Series 2025B issue totaling $1,065,000 to pay for the atrium demolition; Richard said the taxable issue received three bids with rates ranging from about 5.50% to 5.71% and that there was no premium on that issue.
Council motions adopted the ordinance authorizing issuance and the resolution prescribing the form and details for the Series 2025A and Series 2025B bond sales. Votes recorded at the meeting were affirmative. City staff noted the city will levy taxes as authorized to pay debt service if needed and that the proceeds will be applied to the listed capital purposes.
