McPherson city commission authorizes sale of Avenue A bonds

By Chris Swick
June 16, 2015

The McPherson City Commission issued a resolution that set the stage for improvements to Avenue A during the meeting Monday morning.

“As part of the first sales tax, we set funds aside to do street work,” McPherson City Administrator Nick Gregory said. “One of the big projects, probably will be one of the bigger projects of that first sales tax that we're looking at doing, is Avenue A. If you go out there, you can see a lot of the work being done. Our intent is to bond that. Keep that project there at an estimated cost of $1.396 million.”

As part of that project, Gregory presented commissioners with a resolution authorizing the sale of general obligation bonds to fund the improvements.

Additionally, Gregory also presented the commission with a call for redemption on bonds issued in 2005.

“Which would also like to go through the process of getting that funded at a lower interest rate,” Gregory said. “We've been assured that we will meet our debt policy requirements that will make that favorable for us to go ahead and refund that.”

The commission approved the resolution authorizing both the sale of the bonds and the refunding of the 2005 bond on a 3-0 vote.