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Mound City Opts to Not Issue Bonds for Street Repairs

By Matthew Leaf

05/18/2012

The Mound City Council has decided to not issue general obligation bonds to pay for the city’s street repairs. That decision was made at the council’s May meeting and comes after voters in April overwhelmingly approved issuing bonds to pay for the project.
However, after discussion with Joey McLiney of McLiney and Company, aldermen decided to borrow from existing funds to pay for the street project, and to pre-pay the outstanding water and sewer bonds.
Mound City officials estimate the move will save the city over $134,000 in interest that would have been paid on the existing debt. The loan would be paid back to the city with annual payments, with the sewer bonds retired in five years rather than ten. The new street project would be paid for over ten years.
The bonds, which were approved in April, can still be issued if needed.
In other action this month, Mound City Aldermen approved selling the property at 611 State Street to Rogers Pharmacy for two thousand dollars. That was one of two bids received for the property.
Aldermen voted to purchase a John Deere riding lawn mower from Hiawatha Implement, at a cost of $5,700. Approval was given to a proposal from Independent Sales and Service to replace three flow meters at the Water Plant at a cost of $9,300.
The council approved a motion to spend $1,881 for a new diving board, pad and mounting kit for the swimming pool.
An ordinance was approved to accept the base bid from J-and-E Concrete to complete the floor at the Equipment Building. J-and-E’s bid of $17,887 includes the use of half-inch rebar.
Aldermen approved a new liquor-by-the-drink license for the Community Building of Mound City, and renewal of existing liquor licenses for Kwik Zone, George’s C-Store, Terri’s Place, Quackers, and Dollar General.
And the council approved the appointment of Michael Davis as Building Inspector. Davis replaces Chris Krueger, who was elected mayor in April, in that capacity.

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