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La Cygne approves refunding of natural‑gas bonds to reduce annual payments
Summary
Council accepted the low bid from Cooper Malone to refund the city's natural‑gas bonds, approved Ordinance No. 1430 and supporting resolutions, and selected a refinancing option intended to reduce annual utility payments by about $40,000 per year.
At the Feb. 4 council meeting the city accepted a low bid from Cooper Malone (average net interest rate ~1.894%) to refinance the General Obligation Natural Gas Refunding Bonds Series 2015A. The council approved Ordinance No. 1430 authorizing the bonds and approved Resolutions 375 and 376 detailing tax/securities compliance and bond particulars.
Council discussed three refunding options developed in advance. It selected Option 3, which extends the final maturity by 2½ years, reduces annual debt service by roughly $40,000 and thereby helps hold current gas rates for customers, while increasing the program's total repayment by about $10,000 over the extended term. The motions to accept the low bid and to adopt the ordinance and resolutions passed by voice votes recorded in the minutes.
