Village approves bond purchase
Brad Slaughter with Ameritas was present at the Wauneta Village Board of Trustees meeting last Tuesday to share options regarding issuance of a combined utilities revenue bond for the village.
The village began looking into possible bonds for the many utility purchases that have been necessary in the past year, and those that are upcoming.
Board members expressed interest in financing $281,752. The amount includes $193,941 to replace the main substation transformer and upgrades to allow for alternate or backup power sources, $49,811 to update the transformer that provides electricity service to the grain elevator and a $38,000 energy cost refund to the school.
Board members voted to borrow $290,000 at an all-inclusive cost of 3.061 percent interest. The bond issuance will require the village to deposit $23,970 in a debt service reserve fund, which will be used as a back-up to pay one-year’s payment if the village is unable to. The average yearly payment will be $22,532.47