Action taken by the Emporia City Commission Wednesday will mean more capital improvements within the city over the next several years.
During their action session commissioners approved the issuance and refunding of general obligation bonds, including bonds from 2012, bringing in just over $7 million for capital improvement expenditures. The city managed to secure an average interest rate of 1.5 percent which according to City Manager Mark McAnarney is the lowest rate he has seen.
With the low rates, McAnarney stated it felt like the most opportune time to move forward with the process. Raymond James Investment Banking Company Managing Director Greg Vahrenberg agreed with this sentiment.
The funds generated from the bonds will be paid off over the next 15 years. Several projects are currently in the works with more details to be released at a later time.
In other business, commissioners also approved a drawdown of $500,000 from the Lake Kahola Fund to finance improvements to city parks. Commissioner Susan Brinkman voted in favor of the action, however, she stated some concerns regarding the chosen sum.
Brinkman felt $500,000 may not be an adequate number to equitably assist all parks within the community based on a proposed list of improvements for the upcoming year.
McAnarney says the sum is simply a starting point and can be adjusted at a later time.
Commissioners will review the proposed list of park projects during their upcoming study session next Wednesday.
Separately, commissioners also approved an amendment to city ordinance 19-19 to authorize city water system improvements and the issuance of general obligation bonds. Mayor Danny Giefer also made two proclamations declaring the month of October as Domestic Violence Awareness Month and recognizing Oct. 4-10 as Fire Prevention Week.
Commissioners then adjourned the meeting to 11 am next Wednesday for review of a new hazard mitigation plan. The action session will follow the city’s regular study session scheduled to begin at 10 am inside the Municipal Courtroom.
