City will consider bond changes
By DAWNE LEIKER
At their Thursday night meeting, Hays city commissioners will consider authorizing an ordinance for issuance of general obligation refunding and improvement bonds.
The meeting will be at 6:30 p.m. at city hall.
With Golden Belt Fourth Addition and 46th Street First Addition improvement districts now complete, the projects are ready to be financed. City bonds, totaling approximately $1.2 million, will include approximately $583,000 to the finance improvement districts.
According to City Finance Director Kim Rupp, the city never has pursued a bond rating.
"Our bonds have always been bank-rated, and it's always played well for us," Rupp said. "They always bring a good market rate.
"However, the more savvy investor out there now, and the market itself, has put a little more demand on requiring the bond rating."
Rupp told city commissioners Thursday the city has received a Standard & Poor's credit rating of AA minus, which indicates a strong capacity to meet financial commitments. One determining factor in the city's financial stability, Rupp said, is its 70 percent ratio between debt and reserves.
Other agenda items include:
* Award of bid for sandblasting, painting and repairing the inside of the city's 500,000-gallon water tower. The low bid from Utility Service Co. Inc. was $66,000.
* A no-drill oil and gas lease for property adjacent to Fort Hays Memorial Gardens city cemetery. The drilling is proposed to be on property adjacent to the cemetery, but there would be no operations on city property.