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Hiawatha Sees Big Savings By Refinancing Bonds

By Greg Bebermeyer

03/07/2012

The city of Hiawatha will save more than $80,000 through the refinancing of a series of bonds issued in 2006 and a 2003 loan for water system improvements.
Bond Counsel Kevin Cowan with Gillmore and Bell of Wichita delivered the news to the Hiawatha City Commission Monday evening.
Cowan said the Commerce Bank of Kansas City was the winning bidder for $365,000 in general obligation refunding bonds to retire the loan through the Kansas Department of Health and Environment.
He said they then began negotiations with the bank towards refinancing the 2006 series bonds for an additional amount of $900,000.
With the combination of the two components, Cowan says the city will see a significant savings...( play audio )
Cowan said the average interest rate over the life of the bonds will be 2.2 percent. The bonds are set to mature in 2026.
The commission approved an ordinance and adopted a resolution related to the issuance and sale of the nearly $1.3 million in refunding bonds.

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