Ceresco adopts emergency proclamation and ordinance to issue up to $650,000 in water bonds

The Village of Ceresco on June 17 adopted an emergency proclamation and an ordinance authorizing up to $650,000 in general obligation water bonds to pay for additions and improvements to the village water distribution system.

Chair Scott Peterson introduced Resolution 2025-6 and Ordinance 2025-2A at the regular meeting, saying the change amends Ordinance 2025-2 to increase the bond parameters. The board voted unanimously to suspend the statutory rules and approve the ordinance at the same meeting.

The measure allows the village to issue bonds in a principal amount not to exceed $650,000 for the water project and sets limits in the bond purchase agreement including a true interest cost cap of 6.00%, an underwriter's discount not to exceed 2.00%, and a maximum maturity no later than Dec. 15, 2045. The ordinance contemplates issuing the bonds in $5,000 denominations and permits book-entry-only issuance through The Depository Trust Company. It also authorizes the Chair and officials to finalize sale terms and execute closing documents.

The board declared an emergency under the ordinance so it would take immediate effect upon proclamation and publication. After the ordinance passed, trustees authorized Chair Peterson to sign the bond closing documents.

The ordinance text (as adopted) references compliance with Section 17-534, R.R.S. Nebraska, 2012, and contains standard provisions about the sinking fund, levy of taxes to pay the bonds to the extent not paid from other sources, and post-issuance compliance obligations with federal tax rules.

The adoption followed a roll-call vote in which all present trustees recorded affirmative votes. The action sets the financing framework for the village's planned water distribution improvements; the board authorized staff and counsel to complete closing steps consistent with the ordinance.