The Woodward City Council set Feb. 5 for a special council session to discuss financing options for the city’s planned road paving project. During its Jan. 9 meeting, Mayor Brian Devick noted that Ruan Securities, a leading public finance firm, recommended that the city obtain loans for its engineering expenses while using Road Use Taxes and General Obligation Bonds for the actual construction.
General Obligation bonds are debt instruments issued by state and local governments and are funded by tax revenues.
Following two public meetings in November on road paving financing, Devick told The Record that funding for the projects could be a challenge. Devick said the city had just finished paying off one General Obligation bond and added that interest rates are expected to continue to rise over the next several years. Representatives from Venstra and Kimm, a Des Moines-based municipal engineering firm, and Ruan Securities are expected to attend the special meeting.
In other action, the Council:
• Mayor Devick swore in Councilman Paul Thompson for a 4-year term. Devick swore in Christina Perkins, City Clerk Finance Officer and Valerie Purvis, Assistant City Clerk;
• Granted $1,995 in funding after hearing a request from Library President John Maier, for funds for a non-filtered drinking fountain, baby changing table, bathroom sink and a cell phone booster. Maier told the council The Foundation is putting new furniture in the teen area of the Library;
• Gave first approval to reducing the term of Library trustees from six to four years; and,
• Gave second consideration approval to rezone a portion of West 9th street from agricultural to highway commercial use.