These funds, to be repaid over a 15-year period primarily from city sales tax receipts will be combined with various grants and proceeds of the local fund drive to finance the $1.4 million community center now under construction.
The council waived the requirement of reading the bond ordinance on three different dates and adopted it by unanimous vote.
Austin Partridge, senior associate with First National Bank of Omaha Capital Markets, explained details of the bond issue. He said the city will benefit from historically low bond interest rates now in the range of 1.55 to 1.7 percent.
He pointed out that repayment is made from sales tax receipts, or from property tax if sales tax receipts are not sufficient to make the payments. Principal payments are to be made once a year and interest payments twice each year, likely in June and December.