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Council approves early payoff of 2012A GO bond to remove item from 2027 budget
Summary
The council approved Resolution No. 2026-10 to pay off the 2012A general obligation bond early for $30,825.00; interest payment of $525 is due Aug. 1, 2026 with final payment scheduled Feb. 1, 2027.
Council approved Resolution No. 2026-10 on July 13 to pay off the 2012A general obligation bond early at a payoff figure of $30,825.00. Clerk/Treasurer Corina Reinhart noted an interest payment of $525 is due Aug. 1, 2026 and a scheduled final payment on Feb. 1, 2027; early payoff would remove the obligation from the 2027 budget.
Utility Superintendent Allan Fox told the council "there is money in the budget for early payoff," and the council voted to proceed. The move reduces the city's future debt-service line in next year's budget but requires immediate use of available funds in current accounts.
