The Plattsmouth City Council approved the issuance of highway allocation fund pledge bonds for the city’s share of the Highway 75 project.
Approval was also given to various purpose bonds for the downtown streetscape improvements. Net interest rates work out to just over 2.6% on both bond issues.
The Cassgram reports Plattsmouth is paying for 20% ($638,284) of the almost $3.2 million cost for the Highway 75 widening that lies within the city.
The city will also incur costs for moving a 6-inch water line in the area of Club View Drive and a 4-inch sanitary sewer line in the Oak Hill Road area. Some other infrastructure improvements are also being made in the Oak Hill Road area.
$725,000 in highway allocation fund pledge bonds will finance the city’s share.
According to the debt service schedule handed to the mayor and city council by Ameritas Investment Corporation, the city will make its first payment on June 1st, 2013. That payment will be $51,150 and the payments will continue to range around $50,000 annually until the year 2032. The city has the option of paying off the bonds early should it want to after the first five years.
The entire Highway 75 project cost is $61.5 million for the work from just south of Avenue B north to the Sarpy County line. Some tree removal work has already started but the official start date is April 4th.