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New Prague moves to issue $1.635 million in bonds to fund streets, water and golf equipment
Summary
The City Council approved resolutions to preserve reimbursement authority and move forward with a proposed $1,635,000 general obligation bond issue for street improvements ($585,000), golf equipment ($110,000) and water treatment work ($940,000); sale scheduled for July 20 with a council update July 20 and closing August 6.
The New Prague City Council on June 15 approved resolutions that preserve the city’s ability to use bond proceeds to repay earlier expenditures and to proceed with steps toward a proposed $1,635,000 general obligation bond issue (Series 2026B) to fund streets, golf equipment and water‑treatment work.
Rebecca Curts, the city’s consultant, told the council the pre‑sale report covers three purposes: about $585,000 for street improvements (to be funded in part by special assessments and state aid), $110,000 to finance golf course equipment through an equipment certificate authority (paid by a levy and recovered through user fees), and roughly $940,000 for water enterprise projects including the filter rehabilitation at the water treatment plant. Curts said the street portion would be assessed in part to adjacent properties and that the bond structure preserves the city’s right to reimburse eligible pre‑issuance costs.
Council members questioned bid totals and state aid shares for the street project; staff reconciled the numbers during the meeting and said the city’s immediate bonded share of the street project is roughly $372,615 plus an assessment portion (combined city bonding total for streets about $552,311). Staff recommended a rating call for the issue and scheduled the utility bond sale for July 15 and the general obligation sale for July 20, 2026, with results to be reported to the council on July 20 and funds available in early August.
Votes at a glance: The council voted 5‑0 to approve the reimbursement resolution and related bond actions discussed at the meeting. Council members also approved the resolution that the city would sell the 2026 issue as presented and proceed with rating and market steps.
What this means: If the bond sales proceed as proposed, the city will finance planned street work, purchase golf equipment funded in part by user fees and levy authority, and complete water‑treatment rehabilitation. The street project’s final cost allocation depends on state aid and assessed amounts; staff committed to provide completed cost breakdowns and state aid detail at a future meeting.
