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Refinance Plan Moves Forward

News - Linn County News

Written by Charlene Sims

Wednesday, 28 October 2009 07:00

LA CYGNE – The La Cygne City Council last Wednesday approved a measure that will save about $252,000 annually on payments for the city’s natural gas utility. The council voted to approve issuing more than $1.3 million in bonds to refinance the debt on the system.

Dave Malone of MKM Consulting, Augusta, Kan., told the council since there had been no significant public protest to refinancing the gas revenue bonds, it would be possible to lock in the rates tonight at a $252,000 net savings. The financing will close on Nov. 12.

According to Mark Dieter, vice president of DeWay Financial Network, Wichita, the refinancing would save between 3 and 5 percent over the city’s current bond payment plan.

Dan Bosley, a co-owner of Syd’s Market,602 Market St., asked how a new building being constructed just east of Syd’s would affect access to water lines by the city, the distance between the buildings, and also how it would affect drainage.
The council asked City Clerk Gary Mahon to invite Eddie Shay of Parker, who is constructing the building, to the next meeting so they could learn more about the location of the building.

Beth Smith reported to the council that the Christmas Sharing Project would be in operation again this year. Last year, it served 90 children.

“The Linn Valley Auxiliary has given $500 for the project,” she said as she gave the money to the council. “This year, we will be putting a price cap of $30 on the want list per child.”

Smith also asked for storage space for gifts and wrapping in the city hall. The council approved a $500 donation to the project.
In other business, the city council:

Heard from Police Chief James Dean that he planned to give a used computer desk from his office to La Harper Heights.

Heard concerns from Councilman Terry Weitman about when work was going to begin on Sixth Street and other areas in town.
Weitman asked if he could get a priority list from Jerome Moore, public works superintendent. Moore said he did not have a good answer about a start date.

Discussed purchasing a snow plow. Councilman Travis Robbins said the city already had the equipment it needed. Mayor Keith Smith said he was concerned that this purchase would make the city funds very tight for the next 75 days. The council decided to let the issue die.

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