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La Cygne approves pool bond and begins demolition for new municipal pool
Summary
Voters approved a 1% sales tax; council, the Public Building Commission and underwriters structured bond financing and authorized demolition of the existing pool. George K. Baum was selected as underwriter; bonds received an A‑ rating.
After a successful June sales‑tax referendum, the La Cygne City Council and its Public Building Commission moved the swimming‑pool project into financing and construction. The Public Building Commission selected an underwriter and the council adopted Ordinance No. 1381 approving the base lease and leaseback structure used to issue the pool bonds.
Steve Shogren of G.K. Baum presented the underwriting plan and told the council the bonds earned an A‑ rating in the market. The council approved the bond and lease documents and authorized demolition of the existing pool once contracting and bonding were in place. "We recommend structuring the issue with the sales tax pledged for debt service," the underwriter advised during the hearing. Public Building Commission minutes show subcontractor and general‑contractor bids were opened in late September and early October; the council accepted the PBC recommendation to award the demolition contract and to proceed with bond closing and project construction.
