McPherson City Commissioners approve issuance of temporary notes

By Chris Swick
November 23, 2015

McPherson City Commissioners gave their approval to a pair of resolutions relating to the issuance of general obligation temporary notes Monday.

City Administrator Nick Gregory says the notes are centered around three projects, including sanitary sewer improvements at Grimes and Loomis Streets.

“That was the sewer project that was a private sewer line that was converted to a public sewer line,” Gregory said. “Cost on that project approximately $47,323. Calvary Street, which was just completed here recently off of Avenue A, there, for $276,832.86.”

The third project is the widening of Centennial Drive between Kansas Avenue and the railroad tracks and is planned for this coming spring. Estimated cost for that project is $356,516.05.

Those totals also include at least a portion that will be special assessed at some point to the adjacent landowners.

“Part of the process of special assessing, we do have to do temporary notes,” Gregory said. “And, in this instance, because of the cost of some of these projects, the decision was made to go ahead and purchase our own temporary notes.”

The notes would be approved for a two-year time period, with the option to call them after 18 months as actual bonds to coincide with a refunding that the city has scheduled for August 2017.

The city commission approved the temporary notes, as well as the signing by Mayor Tom Brown of closing and other related documentation, unanimously.