Bond refinancing, loan approval on council agenda
Good news highlighted the Wayne City Council's agenda on Tuesday.
The city first received a dividend check in the amount of $67,591.39 from Employers Mutual Company for the city's property insurance policy.
Cap Peterson with Northeast Nebraska Insurance Agency presented the check to Mayor Cale Giese and explained the dividend program, noting the city has received a check a number of years, but this year's check was one of the largest.
In other good news, the city passed Ordinance 2021-7, which authorizes the issuance of Swimming Pool Sales Tax Revenue Refunding Bonds, Series 2021. This will refund the bonds originally issued to construct the swimming pool and refinance them at a lower interest rate.
Andy Forney with DA Davidson spoke to the council and said he and the city staff have been watching interest rates for several months and feel this is a good time to refinance.
He told the council the bonds were originally issued with an interest rate of 3.35 percent and they can now be refinanced with an interest rate of 0.75 percent. This could save the city up to $790,000 and, with sales tax receipts coming in above projections, allow the bonds to be paid off two years early.
Council members approved a number of requests from Wayne Area Economic Development for street closings in coming months.
An 'Outdoor Pop-Up Party and Movie Night' is being planned in the Ace Hardware and Dearborn Mall parking lots on Thursday, June 3. Closing off Sixth Street between Dearborn and Wayside Lane will allow those attending to move from one location to another in a safe manner.
Additionally, the traditional street closing for Henoween and the Wayne Chicken Show were approved.
Luke Virgil, Executive Director with WAED, told the council the committee is planning to go back to the normal schedule on Friday, July 9 for Henoween and Saturday and Sunday, July 10 and 11 for the Chicken Show. The only change will be to have Pearl Street from Second to Third Street, as well as Second Street from Main to Pearl, closed on Sunday, July 11 from 7 a.m. to 5 p.m. for the Crowing Motors Car Show.
The council approved a request from DSF Wayne Short Stop, LLC for $85,000 in LB840 Revolving Loan Funds to make improvements at the Short Stop Convenience Store at 1034 Main Street.
Dan and Shelly Fehringer, owners of the business, will use the money for roof replacement and upgrading of the chip reader equipment for the gas pumps.
The request is for a 10-year loan at a three percent interest rate.
First reading approval was given to an ordinance that will amend the city's building code.
Joel Hansen, City Planner, told the council the city has an interlocal agreement with Norfolk and, for the most part, follows their code. He listed a number of the changes that are being made and the reasons for them.
An update on the Wayne Community Housing Development Corporation was presented by Executive Director Mytzy Rodriguez-Kufner.
She gave a brief history of the organization and the services it is able to provide, including providing affordable housing for low income residents.
Council members also approved the application of Justin Gapp to the Wayne Volunteer Fire Department. Gapp recently moved to Wayne and is employed at State Nebraska Bank. He served for 11 years on a volunteer fire department in Iowa.
The Wayne City Council will next meet in regular session on Tuesday, May 4 at 5:30 p.m. at the Wayne Community Activity Center.