Harlan CC approves refinancing of bonds

News

March 20th, 2013 by Ric Hanson

City Officials in Harlan have approved the refinancing of their 2007  General Obligation bonds. The City Council Tuesday approved a  bid from UMB Bank in Kansas City, MO for $2.845-million in G.O. Refunding Bonds, Series 2013. Jenny Blankenship from PFN in Des Moines, reported to the Council on the three bids the city had received for the bonds. The bonds were originally from 2007 and were set at a 4.25% interest. Blankenship demonstrated to  the board that with the new bid from UMB Bank, the interest rate will fall to a true interest of just over 1.88-percent. The annual savings from 2016 to 2027 will amount to a little more than $318,700, with a net savings of just under $280,000.

In addition to approving refinancing of the bonds, the Harlan City Council agreed to spend $13,567 on new Christmas decorations. City Clerk Debra Sawyer said with the money, the city will buy 11 LED Candy Canes and 11 Standing Deer for Chatburn Avenue, along with new garland and 1500-feet of LED lights for the downtown area. The money will come out of the 2011 bond issue.  Sawyer said the city will be purchasing more Christmas decorations in the coming years.

And, Harlan Fire Chief Roger Bissen provided the City Council with his regular report.  Bissen said the Fire Department held a board meeting Monday, and elected one new firefighter. The addition brings the total number of members in the department to 35. The maximum number of personnel the department is allowed to have is capped at 40.

(Joel McCall/KNOD)