The City Council in Atlantic will meet Wednesday (April 6th) and act on an agreement with UMB Bank for the purchase of General Obligation Corporate Purpose and Refunding Bonds, not to exceed $5-million. The meeting, at City Hall, begins at 5:30-p.m. City Administrator John Lund says UMB has offered to significantly reduce the underwriter’s fees and offer a ceiling on the true interest rate for the bond issuance.

Lund says the agreement, if approved, would result in a savings of more than $142,778 in interest costs between Fiscal Years 2018-and 2026, and it would free-up $790,000 in critical debt levy resources that can be made available for other projects. On the other hand, the City would accrue $75,980 in NEW interest due to the extended maturity date of the bonds, plus $22,604 in issuance costs and nearly $10,870 in underwriter’s fees.  All-in-all, he says more than $33,200 in taxpayer dollars would be saved by the change, if approved.

In other business, the Atlantic City Council will receive a presentation with regard to Bull Creek Storm Water Improvement Projects, and, a presentation from Hospital, Chamber and Cass County Foundation officials, with regard to a Strategic Community Plan. They’ll also act on: Appointing Christina Bateman to the Planning & Zoning Commission; An order closing specified streets on August 7th for a church block party, and August 13th, for AtlanticFest.

The Council is also expected to set April 20th as the date for a Public Hearing on a proposed ordinance for vacating an alley in Block 73 of the City of Atlantic. The so-called “Phantom Alley,” is not maintained by the City, and does not connect any streets. An offer has been made to purchase the land for $500. The Planning and Zoning Commission has previously voted to vacate the property.