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City staff recommends prepayment to align Huether Family Aquatic Center opt‑out with debt service
Summary
Staff recommended the commission authorize a one‑time prepayment of $572,601 to align the aquatic‑center mill‑levy opt‑out with the center's debt service, citing debt schedule, interest savings and a fund balance that would cover the payment; staff said the prepayment requires future resolution and bondholder approval.
City finance staff told the Yankton City Commission on June 16 that they recommend a one‑time prepayment on the Huether Family Aquatic Center certificates of participation to align the annual mill‑levy opt‑out amount with the center’s annual debt service and reduce long‑term interest costs.
Key figures presented by Finance staff (Lisa) and City Manager Amy Leon:
- Original opt‑out annual amount: $884,043. - Annual debt service for the certificates of participation: $934,131.36 (about $50,000 higher than the opt‑out). - Staff recommended prepayment amount to align the schedules: $572,601 (a one‑time payment proposed for December 2025).…
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