The Wamego City Commission approved all the documents for a Bond sale. At Tuesday’s meeting, City Manager Merl Page reviewed the transaction that began 7 months ago, with the resolution of intent to issue infrastructure and improvement financing for the West Highway 24, Unit 3 property. The City issued temporary notes, and it’s now time to convert those notes to permanent financing. By a vote of 3 to 0, they approved an ordinance to authorize the sale of bonds and received 5 bids. The lowest bid came from Commerce Bank in association with Bennington State Bank for a rate of 3.21%.
In addition, the Commission approved a resolution for the same Bond issue, which further authorized and directed the sale of the bonds. Page said the documents were extensive, and define the bond rating, call provisions and other covenants of the bond issue.
In other business, a one-year extension of the current Audit Service proposal was approved with Reese and Novelly, with an increase of $400. Page noted the 2015 audit cost $13,600, which increases the 2016 audit cost to an even $14.000.
