The city of Osawatomie is looking to issue temporary notes to pay for repairs to the city’s main sewer line that ruptured under the Marais Des Cygnes River in Mid-October. The break not only occurred under the river but right in the middle, making repairs challenging and expensive, according to the Miami County Republic, cutting edge trucking, of Louisburg submitted a $297,108 invoice dated November 12th for its work to repair the line. The ruptured line mean a crew had to bore under the river to repair the break.
Financial Advisor David Arteberry, with recommended the city issue temporary notes to cover the repairs, rather than spending down the city’s crash reserves. The temporary notes likely would mature in one year, at which time the city could pay them off with available funds or issue long-term bonds to cover the expense. Arteberry says the city could use proceeds from the temporary notes to reimburse itself for those repair costs. They also approved putting the bond bids out to both local banks, first option and landmark national. Those bids are due back and will be presented at Thursdays council meeting.
