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Neodesha approves $1.08 million redemption of 2023 water-project notes
Summary
The Neodesha Board approved Resolution 25-09 to redeem $1,080,000 of General Obligation Temporary Notes, Series A, 2023, after city officials said water project costs were lower than expected and a grant arrived ahead of permanent financing. Redemption is planned for Sept. 1, 2025.
The Neodesha Board of Commissioners on July 23 approved Resolution 25-09 to redeem $1,080,000 of the City's General Obligation Temporary Notes, Series A, 2023, with redemption planned on September 1, 2025 or as soon thereafter as practicable. City Administrator Jones and Dave Arteberry of Stifel, Nicolaus & Co. told the board that the improvements financed with the 2023 notes cost less than expected and that the City had received a grant in advance of permanent financing.
Resolution language recorded by the board states the 2023 Notes were originally issued in the principal amount of $1,772,000 and authorizes the mayor and city clerk to take actions necessary to give notice of redemption and to waive any notice requirements if appropriate. Commissioner Banzet moved to approve the resolution; Commissioner Truelove seconded and the motion carried. The resolution directs city staff to follow the notice steps indicated and to proceed with the partial early redemption rather than waiting for permanent refinancing.
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