Eudora City Commission approves $1.41 million bond sale

The Eudora City Commission approved Monday the sale of $1.41 million in general obligations bonds to Ameritrade Investment of Omaha, Neb.

Representative of Springsted Financial LLC, the city’s financial consulting firm, told commissioners there were five bids for the 15-year bonds. Ameritrade won with an interest rate of 1.67 percent. The sale is to close Sept. 15.

The city was given a $30,000 premium, which reduced the bond sale from the $1.44 million total the City Commission authorized last month.

The bonds will provide financing for a $475,000 new fire truck to replace the city’s 30-year-old pumper and $965,000 to pay for the electrical department’s new wireless meters. Although the sale was for general obligation, which means they are backed by the city’s “full faith, credit and resources,” the electrical department’s user fees will retire the debt for the wireless meters, while the debt for the fire truck would be paid off through property tax revenue.

The city’s AA- credit rating was re-affirmed during the bond sale, commissioners were told.

The City Commission wrapped up the short meeting with a work session on the city’s new website design. Leslie Herring, assistant to the city manager, said the design was on track to go live on Nov. 17. The Castle Rock, Colo., website served as a model for the redesign, which will feature information displayed over a background of photographs of the city.

The new website will have a navigation bar across the top of the page that links to city employment openings, news, online payment, “notify me” opportunities and City Commission and Planning Commission agendas.