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New Prague council approves bond calls for street and utility work and for a new police station despite one council member's objections
Summary
At its April meeting the New Prague City Council approved calling for sale of roughly $5.0 million in general obligation bonds for 2025 street and utility projects and advanced a roughly $10.4 million capital improvement bond for a new police station after a lengthy debate in which a council member said the timing and scope felt rushed.
The New Prague City Council on April 7 voted to call for the sale of $5,035,000 in general obligation bonds to finance the city’s 2025 street and utility projects and advanced a separate capital-improvement bond tied to construction of a new police station.
Rebecca Kurtz of Ehlers, the city’s financial adviser, told the council the $5,035,000 issue includes the street portion (just under $4 million), a water portion of roughly $525,000 and a storm portion of about $415,000, plus $105,000 in equipment certificates for golf course equipment. She said assessments will cover a minimum 20% of the street and utility project per the improvement statute and that debt will be structured to match projected assessment revenue; the bonds would be callable in 2035 and…
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