Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance Bonding topic
No spam. Unsubscribe anytime.
Broken Bow council adopts ordinance authorizing up to $1.625 million in electric utility refunding bonds
Summary
At its Jan. 28 meeting, the Broken Bow City Council unanimously adopted Ordinance No. 1219 to issue Electric Utility Revenue Refunding Bonds, 2020 Series, in a principal amount not to exceed $1,625,000 to refund outstanding 2014 bonds; the council held a brief public hearing and heard that the refinancing would produce savings for the city.
The Broken Bow City Council on Jan. 28 adopted Ordinance No. 1219 authorizing the issuance of Electric Utility Revenue Refunding Bonds, 2020 Series, in a principal amount not to exceed $1,625,000 to refund certain outstanding 2014 utility bonds. The vote to pass and adopt the ordinance was unanimous: Miller, Myers and Holcomb voting aye.
The council opened a public hearing at 6:20 p.m. on the ordinance, during which Brad Slaughter explained the proposed refunding and described savings the City would realize by refinancing the outstanding bonds. After Slaughter’s presentation the council closed the public hearing at 6:21 p.m.
Councilmember Myers introduced the ordinance and moved to suspend the statutory rule requiring reading on three different days; Councilmember Holcomb seconded the motion. The council suspended the rule and proceeded to consider final passage. Councilmember Holcomb moved for final passage; Councilmember Miller seconded. Mayor Rod Sonnichsen then asked, "Shall Ordinance No. 1219 be passed and adopted?" The roll call vote recorded Miller, Myers and Holcomb as voting aye; no members voted nay.
The ordinance's title in the record describes the bonds as refunding certain outstanding city bonds and pledging electric utility revenues for payment; the ordinance authorizes officers to set final terms within stated parameters and to enter into a bond purchase agreement. The mayor signed the ordinance and the city clerk attested it.
Next steps recorded in the minutes were procedural: the council authorized the ordinance and the city will proceed with finalizing bond terms and executing any sale or purchase agreement required to complete the refunding. The minutes do not record the precise dollar savings estimate or the purchaser; those details were not specified in the published minutes.
