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Alliance council adopts $3.3M water revenue bond to fund system improvements
Summary
The Alliance City Council unanimously approved Ordinance No. 3013 to issue up to $3.3 million in Water Revenue Bonds for water-system improvements; council members debated term length and confirmed debt service will not come from the General Fund.
The Alliance City Council on Feb. 17 adopted Ordinance No. 3013 authorizing Water Revenue Bonds in an aggregate principal amount not to exceed $3,300,000 to fund improvements and equipment for the city’s water system. The measure passed after the council approved the ordinance’s first reading and suspended the three-reading rule by unanimous roll call.
Austin Partridge of Northland presented preliminary financing options and told the council bond payments would not be paid from the General Fund. Councilman Turman said a shorter amortization would be preferable, arguing a 15-year term is sufficient, while Vice Mayor Mashburn cautioned against shortening terms given the city’s tight budget. After discussion, the council voted Aye: Hitchcock, Yates, Mashburn, Turman and McGhehey; Nay: None.
Mayor John Milluley McGhehey declared at the meeting that “the passage and adoption of Ordinance No. 3013 has been concurred by majority of all members elected to the Council; I declare it passed, adopted and order it published.” The ordinance authorizes city officials to set final bond maturities, interest rates and other terms before sale. City staff indicated this issuance is part of a broader FY2025–26 debt plan that also includes sewer and highway allocations.
