HUTCHINSON, Kan. — The Hutchinson City Council will consider a resolution to make an early additional payment on the Sports Arena bonds at their meeting on Tuesday. According to agenda documents, in 2015 and 2016, the city issued $27,430,000 worth of bonds to pay for improvements to the sports arena.
The bonds are payable with collections of a special sales tax that was approved by voters. To date, the city has accumulated an excess of sales tax after making the scheduled bond payments.
The City is prepared to use this excess to pay off the sports arena portion of the 2015-B issuance and pay towards the 2016-A issuance. Council approval of the proposed resolution will authorize the payoff and allow the City to save over $125,000 in interest.
If sales tax collections stay at current levels, the remaining amount of the bonds may be paid off between July and September 2024. The sales tax will expire at that time.
The Hutchinson City Council meets Tuesday at 9 a.m. at City Hall.
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