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Kewanee council approves routine bills, hears KEDC update and authorizes $299,245 refunding bonds
Summary
The Kewanee City Council approved routine payments including $563,678.01 in bills and payroll of $211,080.35, heard a KEDC economic update, and approved $299,245 in general obligation refunding bonds at 1.4% with State Bank of Toulon.
The Kewanee City Council on Nov. 12 approved routine financial items and a bond ordinance, and heard an economic-development briefing from the Kewanee Economic Development Corporation.
On a motion by Council Member Michael Yaklich, seconded by Council Member Steve Faber, the council approved bills submitted for payment totaling $563,678.01 after discussion of petty cash and several invoices. Debbie Johnson explained that NSF checks recorded by the city represent resident payments that bounced and must be corrected at the bank and collected from the payer; Kevin Newton said he would review invoices to clarify repair vs. routine purchases. City Manager Bradley said MERC won bids on a sidewalk and a viaduct project and estimated the viaduct at about $100,000; he also reported the lagoon holds approximately 1.2 million gallons but that some water must remain to aid digestion.
Kathy Albert of the Kewanee Economic Development Corporation (KEDC) gave a brief presentation on recruitment and a solar project, saying KEDC has visited multiple sites, engaged in events across six counties and plans a Fast Pitch contest in May 2020. Albert reported that since 2012 KEDC has had 95 contestants and stated figures of $50,000 in cash prizes and $442,000 in total prizes as part of her presentation.
The council also approved an ordinance providing for issuance of $299,245 in general obligation refunding bonds. A Speer Financial representative described these as one-year rollover bonds issued annually as alternate revenue; the best bid was State Bank of Toulon at 1.4% interest. Council Member Steve Faber moved the ordinance and Council Member Chris Colomer seconded; the vote was 5–0.
The meeting concluded with council communications and an announcement banning burning during the upcoming football game. Council Member Michael Yaklich moved to adjourn and Council Member Michael Komnick seconded; roll call was 5 ayes, 0 nays and the meeting adjourned at 8:40 p.m.
