A resolution approving a bond purchase agreement for General Obligation Corporate Purpose and Refunding Bonds was passed Feb. 10 by the Clarinda City Council.
“Basically, this is just the next step in the process of issuing the bonds for the street project, the fire truck and the refunding of the existing bonds we have. We’re going to end up saving right around $14,000 in interest costs by refunding the old bonds,” McClarnon said.
Clarinda plans to sell $2 million in bonds as part of the issue. This will enable the city to use $500,000 for the purchase of a new fire truck. The city will also spend $420,000 to refinance a series of bonds issued in 2015. The remainder of the funds will be applied to a joint street improvement project Clarinda is undertaking with Red Oak.
“They’re going to have to buy the bonds at a premium price, so we’re actually going to get a little more we can put toward streets,” McClarnon said.
In other business, the council approved a request from the Clarinda Experimental Aviation Association (EAA) Flying Club to hold its annual flight breakfast and air show at Clarinda Municipal Airport - Schenck Field. Merlin Barr represented the organization and said the event is scheduled for Saturday, June 19.
“We would like to go forward with plans as usual to hold it as normal as we can, depending on what the situation is, when we get close,” Barr said.