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Council adopts ordinance allowing up to $5 million in combined utilities revenue bonds
Summary
Council passed Ordinance No. 25-3 authorizing issuance of up to $5 million in combined utilities revenue bonds to fund electric, water and WPC projects; bonds will be repaid from utility revenues and allocated roughly 80% electric, 10% water, 10% WPC over 10 years.
The Beatrice City Council on Feb. 17 adopted Ordinance No. 25-3 authorizing the city to issue combined utilities revenue bonds, series 2025, in an aggregate principal amount not to exceed $5,000,000.
Council members were told the bond proceeds will fund several Board of Public Works–recommended projects across utility departments, with the issuance repaid from existing utility revenues rather than general obligation (property-tax-backed) debt.
Tobias (city staff) explained items included in the planned borrowing: a jet truck recently purchased by the water department (≈$500,000), a jet truck ordered by WPC (approximately $500,000), and electric-department projects described in the meeting as major substation rebuilds and feeder-line work. Tobias said the total authorized issuance is about $5 million and that payments will be split approximately 80% electric, 10% water and 10% WPC over a roughly 10-year term. He said, “These bonds will all be paid for with existing utility revenues.”
Council moved to suspend rules and read the ordinance by number three times, then voted to pass and approve the ordinance; both procedural motions passed with 7-0 votes.
No member requested further study; the ordinance was adopted the same night.
