In 1999 the City of Manhattan sold $7,475,000 in General Obligation Bonds. At the time they were $45,151,812 in debt. Moody's Investors Service gave the City a Aa3 rating on the bonds.
This is what the company had to say about the debt: "The city's debt burden is still well above average. Nevertheless,debtlevels remain managable as the city's direct det burden remains a more moderate 3.7%."
That was 1999, now the city has a debt of $66,620,968. And as of Tuesday night the debt will go to $77,385,968. The Commission approved the sale that will repay tempory notes with twenty year bonds.
The notes being paid are: Bear Creek Addition $79,000 and $42,000; Dickens Professional Place $47,000; Grand Mere, Unit 1 $1,660,000; Grand Mere Parkway $2,463,000; JenTre $279,000 and $128,000; K-State Research Park $73,000 and $47,000; Miller Ranch Addition Unit 2 $2,121,000; Sargent Addition $1,011,000 and Woodland Hills Addition Unit 4 $428,000.
The City at large will have two projects where temporary notes will be paid and ten-year bonds sold. TCB Drainage $643,000 and Kimball Ave. Corridor $173,000 for a total of $816,000.
The City will sell the bonds on May 21, 2002.