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City reports payoff of Tallgrass Liquor bond and final payment on library debt
Summary
City staff reported paying off privately placed Tallgrass Liquor debt early and making the final scheduled payment on library debt issued in 2010; EJ said the city accelerated the Tallgrass payoff after interest-rate shifts made early repayment prudent.
City staff reported two bond-related items during staff reports: the privately placed debt tied to Tallgrass Liquor was paid off in late January and the final scheduled payment on the library debt issued in 2010 was also made before Feb. 1.
EJ, the Director of Administrative Services, said the Tallgrass Liquor obligation was paid early and that the city's decision was influenced by a change in interest markets that made keeping the funds invested temporarily less attractive. He said the library bond payment was the final scheduled payment and cited the administrative note that the city "owns our liquor store now" and has completed its library obligations.
Jason Anderson provided operational updates including a March 17 bid opening for North High Street and a March 20 job fair at the high school where multiple city departments will recruit and meet with attendees.
What happens next: staff will finalize any administrative close-out items related to the bonds and proceed with procurement and recruiting actions noted in department reports.
