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Falls City Council discusses bonding options

By John Nixon

02/08/2022

Prop money. Credit: Ebay

(KLZA) -- The Falls City Council voted unanimously Monday evening to approve a resolution to increase the city sales tax by one-half of a percent.

The resolution was reworded from the previously approved resolution. The question will go to the voters of Falls City to decide during the May primary election.

In other business the Council approved an ordinance to issue Bond Anticipation Notes in an amount not to exceed $4 millions to be used for upcoming utility upgrade projects.

Brad Slaughter with Piper-Sandler of Lincoln provided information on refunding 2017 Utility Revenue Bonds in an amount not to exceed $3.5 million. Option one would cut the annual payment the city is making to pay off the bonds by approximately $20 thousand annually with a net savings of approximately $300 thousand.

The second option would shorten the the payoff of the bonds by nearly a year. The savings with option two would be approximately $360 thousand.

The Council approved having Piper-Sandler prepare the necessary documents to refinance the bond but will not need to make a decision on which option to go with until closer to April which is the earliest time the bonds could be refinanced.

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