Fire hall a step closer with bonds approved

    A new Imperial fire hall location took a step forward Monday when the city council approved the issuance of bonds for the project.
    Last month, the council approved purchase of the Harchelroad Motors’ corvette building at the corner of 3rd and Broadway Sts., and two smaller buildings on the property to the west.    
    On Monday, up to $625,000 in public safety bonds were approved on a 3-0 council vote, paving the way for the building purchase.
    City Clerk/Administrator Jo Leyland said they expect to close on the purchase by the end of the year.
    Brad Slaughter with Piper Jaffray of Omaha was at Monday’s meeting to review the bond ordinance. Terms specify that the bonds are  not to exceed $625,000.
    The building purchase price is $650,000 but Leyland indicated the city has cash on hand to supplement the bonds for the purchase as well as renovations that will be needed to accommodate a fire hall.
    The bonds will be paid off over a 10-year period using city sales tax money in the community development fund.
    Slaughter said the city can expect a $70,601.23 annual debt service over the 10-year life of the bonds. Bonds could be called after five years, or a shorter term if the city council would choose.

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