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Ceresco board approves ordinance authorizing up to $650,000 in water bonds
Summary
The Village of Ceresco adopted Ordinance 2025-2 to issue general obligation water bonds not to exceed $650,000 to fund water-distribution improvements; the board suspended rules and passed the measure unanimously.
The Village of Ceresco on May 20 adopted Ordinance 2025-2 authorizing up to $650,000 in general obligation water bonds to pay for additions and improvements to the village water-distribution system.
The ordinance, introduced by Chair Scott Peterson and approved after the board suspended procedural rules, sets limits on the financing: a true-interest cost not to exceed 6.00 percent, an underwriter's discount no greater than 2.00 percent and a maximum maturity of 20 years. The bond issuance contemplates book-entry delivery through The Depository Trust Company and names Northland Securities, Inc., as the initial purchaser; authorization allows certain village officers to finalize terms without further Board action if done by Nov. 30, 2025.
Why it matters: the Board found the work necessary to maintain and expand the Village's water system; the ordinance notes prior outstanding General Obligation Water Bonds, Series 2024, totaling $875,000 and a recent taxable valuation for the Village of $80,206,670. The bonds will be repaid from tax levies and other available revenues to the extent other sources do not cover debt service.
During the meeting Treasurer and staff materials described bond-design mechanics (denominations, redemption provisions and paying-agent arrangements). The Board voted to suspend the statutory rules to allow immediate final passage and then adopted the ordinance. The votes on both the suspension and final passage were recorded as unanimous among trustees present (Yeas: Peterson, Custer, Burklund and Johnson; Nays: none).
Next steps and oversight: Burklund and Clerk Joan Lindgren will prepare the final bond amount and work with the village accountant on closing figures. The ordinance directs that the chair and clerk execute the bond-purchase documents and requires publication in pamphlet form as required by law.
Authorities cited in the ordinance include Section 17-534, R.R.S. Nebraska (general obligation water bonds) and related statutory provisions governing municipal bond issuance and tax levies.
