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Commission hears update on bond sale

By Greg Bebermeyer

02/13/2025

(KNZA)--The Hiawatha City Commission was updated Monday evening on the sale of more than $1 million in general obligation bonds to help finance the replacement of the town's water meters and traffic signals at 1st and Oregon.

Brett Knorr with the investment banking firm Piper Jaffray gave the Commission an overview on the bond sale, which took place last week.

Knorr said they secured an interest rate of 4.13 percent, which was below what had been anticipated.

The bonds will produce nearly $671,000 for the purchase of the water meters and $325,000 for the replacement of the traffic signals.

The bonds will be paid off over a 20-year period, with the first payment to be made on October 1st, 2026.

Knorr said the debit payments will average $54,000 annually for the water meters and $27,000 for the traffic signals.

He said the bonds can be paid off early, beginning on or after October 1st, 2032.

The bond closing is scheduled for March 6th, which is when the funds will be advanced to the city.

The Commission approved an ordinance authorizing the issuance of the bonds and adopted a resolution authorizing the sale of the bonds. Mayor Becky Shamburg, City Clerk Dawn Boyles and City Attorney Andy Delaney were authorized to sign all the necessary documents.

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