City to save $46,800 by refunding 2014 water, sewer revenue bonds

By Dave Marner, Managing Editor
Posted 4/8/21

Owensville aldermen on Monday gave unanimous approval for a refunding of “Combined Waterworks and Sewerage System” revenue bonds originally issued in November 2014.

The issuance of …

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City to save $46,800 by refunding 2014 water, sewer revenue bonds

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Owensville aldermen on Monday gave unanimous approval for a refunding of “Combined Waterworks and Sewerage System” revenue bonds originally issued in November 2014.

The issuance of $910,000 worth of Series 2021 refunding revenue bonds was authorized through adoption of Ordinance No. 1358 and will save the city $46,862, according to Ed McLiney with the city’s municipal bonding advisor McLiney And Company. 

The city originally issued $996,000 for water and sewer system improvement. There was a remaining balance of $875,000 as of the approval of the ordinance issuing the new Series 2021 refunding revenue bonds.

McLiney was at the meeting and told aldermen that three banks were invited to bid on the proposal.

“It’s not a huge sale,” he said. “Since interest rates are climbing so quickly, we wanted to turn it quickly.”

The new bonds are issued at .332 percent interest.

Following a public hearing held to begin the regularly scheduled meeting, aldermen also approved Ordinance No. 1359 to adopt the city’s codified Code of Ordinances. City codes will be searchable online at the city’s website. Any changes to city codes reflect current state statutes for cities.

Aldermen also approved a resolution for a purchasing/procurement policy. Resolution No. 2021-4 was also adopted unanimously.

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