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Council authorizes $10.96 million temporary notes to finance water-rights purchase
Summary
Hutchinson approved a resolution to issue $10,960,000 in temporary notes (series 2025D) to temporarily finance internal improvements, primarily for the purchase of water rights; bids were competitive and staff recommended Robert W. Baird & Co. as purchaser.
The Hutchinson City Council voted Nov. 18 to authorize issuance of $10,960,000 in general obligation temporary notes, series 2025D, to temporarily finance the city's planned purchase of water rights.
Angela Richard, the city's director of finance, told the council the temporary-note sale produced competitive bids (roughly 3.37%–3.49%) and that lower-than-expected rates allowed the city to reduce the issue from an earlier figure near $11.435 million to $10,960,000. Robert W. Baird & Co. was the recommended purchaser, and legal and bond counsel reviewed the bids and documents.
The council moved and approved a resolution authorizing the notes and authorizing the mayor to sign the documents.
Why it matters: The temporary notes will provide short-term financing for the water-rights purchase; staff framed the lower rates as enabling a smaller borrowing amount than earlier estimates. Further steps include finalizing delivery documents and any subsequent permanent financing actions.
What's next: Staff and bond counsel will complete closing paperwork and proceed with the water-rights acquisition per council authorization.
