Archive for Tuesday, August 4, 2015

Basehor 2016 budget hearing moved to Aug. 17; bonds garner low interest rate

August 4, 2015

Though the public hearing for the city of Basehor’s 2016 budget was listed to take place during a special council meeting Monday, the public hearing actually will take place at the council’s Aug. 17 regular meeting.

Mayor David Breuer said the public hearing, along with a resolution on the Property Taxation policy and final approval of the 2016 budget, were listed on the agenda due to a misprint on the budget. The budget calls for a slight property tax increase so the city can save funds for the planned 2020 construction of a new city campus on 158th Street.

The council did take other action during Monday’s special meeting preceeding its workshop, however. It approved an amendment to the 2015 Operating Budget, as well as a resolution supporting the terms of general obligation bond issuance and an ordinance authorizing the bonds.

Representatives from Springsted Financial told the council that it received a premium bid on the bond from Commerce Bank with an interest rate of 1.11 percent, which allowed the city to issue $1.3 million rather than $1.36 million.

The funds are to be used as follows: $700,000 for construction of a sidewalk on Leavenworth Road, $300,000 for storm/sanitary sewer rehabilitation and another $300,000 for repaving the intersection of 141st and Donahoo.

The city also announced early last week that with the sale of the bonds, Standard & Poor’s upgraded the city’s bond rating from AA- to AA.

During the workshop, city staff also announced that Parallel Road should be reopened at 159th Street by the end of day Tuesday if not on Wednesday, and the Stars and Stripes Billiards was planning to open Friday.

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