WELLMAN
With work set to begin on replacing the 9th Avenue/Gingko Avenue bridge as soon as Monday, Jan. 13, the Wellman City Council spent the bulk of their meeting Monday night looking at the …
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WELLMAN
With work set to begin on replacing the 9th Avenue/Gingko Avenue bridge as soon as Monday, Jan. 13, the Wellman City Council spent the bulk of their meeting Monday night looking at the financing plan for the project. Heidi Kuhl, Director of Public Finance with Northland Securities, was in attendance and walked the council through the process.
General obligation bonds in the amount of $600,000 will be issued to cover the city’s portion of the bridge replacement project, to be repaid over 20 years. The bonds will be offered to local banks in $5,000 increments; the estimated average interest rate is expected to be about 4.61%.
The council approved a preliminary official statement, a 70-some page document detailing the City’s financial position, that Northland Securities will provide to potential investors.
“You’re sitting in pretty good shape,” Kuhl told the council, noting that they are borrowing only a fraction of the $5.5 million legally permitted.
The council is expected to approve the contract and bond sale summary at their next meeting on Monday, Jan. 20; an issuance resolution will appear on the Feb. 3 agenda, and the city should have funds in hand by Feb. 18.
Replacing the bridge over Smith Creek will cost just shy of $1 million, the remaining portion covered by a federal grant. The nearly 100-year-old bridge will be replaced by concrete slab capable of bearing greater weight.
The council also approved a bridge inspection agreement with Calhoun-Burns & Associates at the Jan. 6 meeting.
Other Action
The council approved The News as the City’s official newspaper for legal notices.
The council approved an increase of milage reimbursement from 67¢ to 70¢ per mile, following the federal rate, for employees using their personal vehicles for city business.
The council approved access to public fund accounts at Federation Bank and Hills Bank for city employees and elected officials.
The Wellman City Council will next meet on Monday, Jan. 20 at 5:30 p.m. at City Hall; the regular meeting time will not be moved due to Martin Luther King Jr. Day.
