NICK GOSNELL
Hutch Post
HUTCHINSON, Kan. — The Hutchinson City Council on Tuesday gave approval for a series of Hutchinson projects in the amount of $4.34 million, along with the approval of general temporary notes in the amount of $1.615 million.
"While we were preparing to bond this, we realized bonding costs may be higher," said Hutchinson City Finance Director Angela Richard. "First on the agenda is to approve the resolution to start the bonding process and then the next two items will amend prior ordinances to authorize higher bonding, because of those projected bonding costs."
Richard also found out that if the city has to pay for the Atrium tear-down itself, it will require another type of financing.
"The bond sale is scheduled to be Oct. 15, with council approval on Oct. 16," Richard said. "Then, we anticipate to close the bonds on Nov. 12. One of the items that you might be thinking about is, why am I not waiting until we find out what's going to happen with the Atrium to bond that project with these, as well? That, according to our legal counsel, would probably be taxable general obligation bonds. These are tax exempt. It would have to be a different sale."
The resolution was approved unanimously.