The Madison City Commission heard the second readings of three ordinances on Monday that established increased rates for local residents using city utilities.
After reviewing ordinances 1530, 1531 and 1532, the city commissioners approved the increased rates with a 3-0 vote. Mayor Gene Hexom and commissioners Scott Delzer and Nick Abraham voted yes on the ordinances. Commissioners Dick Ericsson and Mike Waldner were absent from the meeting.
Utility customers will see the utility rate increases in their December bills that are payable during January.
City Finance Officer Jeff Heinemeyer announced at the end of the meeting that interest rates on taxable bond issues have grown favorable enough to allow bond issuers to rebond the financial instruments. Heinemeyer proposed bringing a bond resolution before the commissioners next week that would give himself and Hexom the authority to rebond the issue used to fund construction of the municipal electricity generation plant.
The original $4 million bond issue has a repayment schedule that extends to 2025.
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