NICK GOSNELL
Hutch Post
HUTCHINSON, Kan. — The Hutchinson City Council officially approved the bond sale for ongoing projects that they authorized in July as part of Tuesday's meeting.
The bond sale cost was considerably less than anticipated.
"The par amount of the bonds will be $2,460,000," said Finance Director Angela Richard. "The difference between what is in your packet and the par amount of the bonds is due to the premium offered on the bid. That premium was able to be used to adjust the par amount, to lower the amount that we're actually bonding."
The bonding used toward projects is for $2,444,000, with additional monies going toward the cost of the bond sale.
The projects this encompasses include:
14th at Marland & Hoagland Bridge, estimated at $1,050,000
Harsha Park Improvements estimated at $350,000
Playgrounds -Grandview and Herman Bunte estimated at $275,000
City Hall HVAC Replacement estimated at $160,000
Woodie Seat Design and Study estimated at $450,000
Elmdale Vestibule estimated at $159,000.
The winning bid was at 3.91% interest for 20 years through TD Securities.
The bond sale took place Monday, the approval happened Tuesday and closing is scheduled for Sept. 12, which is when the city would get the money.
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