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Coffeyville authorizes bond offering up to $23 million to finance transformers for major industrial customer
Summary
The city authorized its financial adviser to offer taxable general-obligation bonds to finance two large transformers; staff said the current plan contemplates about $18.2 million and that an industrial purchaser will reimburse the city for debt service under a separate agreement.
The Coffeyville City Commission on July 8 authorized city finance staff to proceed with a municipal bond offering to finance two new transformers to serve a local industrial customer.
Director of Finance Martin Cummings told commissioners the authorization would allow the city nd its advisers, Baker Tilly and bond counsel Gilmore & Bell—ither to offer for sale a taxable general-obligation bond series up to $23,000,000 or to issue a smaller amount depending on final negotiations. "We're not anticipating the need to go up to $23,000,000," Cummings said, adding that the exhibit presented to the…
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