The bonds for the debt of the waterworks and sewer system were able to be refinanced by issuing $11,535,000 revenue bonds at a new rate of interest.
Matthew Courtney, vice president of Piper Jaffrey & Co., Leawood, KS, reported to the council the bonds had 11 bidders earlier that day with the Baker Group, Oklahoma City, OK, being the successful bidder at 1.97 percent true interest. This will save the city $130,000 in interest each year for a total of $1,476,547 over the life of the bond, which will be paid in 2033 and which were initially issued in 2013 at 3.9 percent. The council authorized the sale.
The council also approved the payment of vendor bills.