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Waverly council approves multiple bond sales, equipment purchases and property actions
Summary
At its May 4 meeting the Waverly City Council approved several financing measures including $2.75M sewer loan notes and sales-tax revenue bonds, authorized a shared purchase of a 2027 tanker-pumper, and moved forward on property marketing for Red Cedar Place.
The City Council of Waverly on May 4 approved a package of financing and purchasing measures, including authorization to issue sewer revenue capital loan notes and sales-tax and general-obligation bonds, and voted to buy a new fire tanker-pumper shared with rural fire districts.
The council opened and closed a public hearing on Resolution 26-104 to authorize up to $2,750,000 in sewer revenue capital loan notes and, with no public comment, approved the resolution by motion and roll call. The council then considered Resolution 26-105, directing sale of up to $2,600,000 in local option sales and service tax revenue bonds (Series 2026B). Maggie Berger of Spear Financial said the city received five bids and recommended awarding to TD Financial Products LLC at an interest rate near 3.5286%, producing about $72,715 in bond premium available to the city. The council approved the sale by roll…
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