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Atchison Accepts Bond Issuance Bid

By Joel Hardy

06/17/2014

(KAIR)--Atchison city officials have accepted a bid to sell over $4.5 million in general obligation bonds, with the money slated to pay for several projects in the city.

City Finance Director Becky Anderson presented Commissioners with the winning bid during their meeting Monday afternoon, saying that it was one of three that was submitted to the city before the 1:00 Monday afternoon deadline. The winning bid was submitted by Robert W. Baird and Company at a 3.02% true interest cost.

Anderson says by doing this, the city is selling debt, which gives them the cash to pay for everything they plan on purchasing including the new fire truck, reimbursing the temporary notes they issued for the conference center, and to make various street improvements through the city.

Anderson says the bonds sold are considered a good investment for the buyer, since the city has promised to pay the money back in accordance with the terms agreed to by both parties. By doing general obligation bonds, the city is basically saying they will do whatever it takes to gather the revenue needed to pay for the bonds, including raising taxes.

Commissioners voted unanimously to both accept the bid and to issue the bonds needed to purchase the new aerial ladder truck.

Anderson says the new truck has been ordered, and should be on it's way to the city soon.

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