Nebraska City is paying off a paving bond three years early.
Council members approved a resolution that would pay off a 2013 district improvement bond for Paving District No. 217 ahead of schedule.
Paying off the bond early frees up 2 to 3 cents of property tax that would have been dedicate to paying the bond, said Nebraska City City Administrator Grayson Path.
“Given that the city has spent less than budgeted and more revenue was raised than budgeted, the city has the needed reserve to make this payoff possible,” said Path.
The city will make the final payment of $252,478.75 on Dec. 1.
During Monday’s meeting, council members approved an underwriting engagement and disclosure letter with DA Davidson to pursue the North 11th Street Bond.
Path said that since the project was recently completed, $2.42 million in Bond Anticipatory Notes (BANs) are set to pay off on Dec. 15.
At that time, the city will take out about a $2.2 million bond to cover the cost of the project.
A representative from DA Davidson is expected to attend the next Nebraska City City Council meeting to present the bond ordinance, bond agreement, and other required documents.
The council approved a $150,000 loan to purchase a used dump truck, a sander, and a snow blower for the Case loader for the city’s street department as part of the Oct. 22 meeting.
Ahead of a pending pavement project, council members approved a proposal from Thiele Geotech for the approval of the 6th Street paving project.
Thiele Geotech will drill five test bore holes along 6th Street to evaluate soil and ground water conditions under the project.
In other matters, the council:

Authorized Mayor Bryan Bequette to sign a $7,602.60 settlement with CHI Health Partners relating to claims for individuals receiving medical treatment while in Nebraska City Police Department custody;
Approved Tyrel Hernes as a new volunteer firefighter;
Reappointed Jeri Johns, Brad Kingery, and Steven Recker to the Board of Adjustments; and
Appointed Katie Mocnik to the Citizen’s Advisory Review Committee.

The next regular Nebraska City City Council meeting is set for 6 p.m. Monday, Nov. 4, at City Hall.