City Council Considers Refinancing Questions
Published on September 18 2012 7:35 pm
Last Updated on September 18 2012 7:35 pm
Written by Greg Sapp
Effingham City Council members Tuesday considered two refinancing questions, and each are expected to save the City a considerable amount of money in interest.
During a public hearing on paying off debt certificates issued in 2006 to finance a raw water transmission line project and issuing bonds to finance the balance owed, City Administrator Jim Arndt said it's expected the City would save some $230,000 in interest that otherwise would have to be paid.
Arndt also reported that issuing a bank note at 2.27% to pay off the $1.8 million owed on the City's Early Retirement Incentive from a couple of years ago would save the City considerable interest as the original note was issued at 7.5%. Action on both items are expected at upcoming Council meetings.
The Council contracted with Jeff Murphy to redesign the City website and the City tourism website; agreed to vacate an easement on two lots in Mini Hills Subdivision; granted Sunrise Rotary permission to hold this year's Halloween Parade on Sunday, October 28 at 2pm; contracted with Economic Development Resources to start work on revising and updating portions of the City's Comprehensive Plan; and hired Effingham Asphalt to resurface a portion of North 4th Street on the City's north end. The Council also agreed to sell off old water meters for scrap metal; and agreed to make the annual payment of $150,000 from TIF dollars to the Effingham Unit 40 School District for vocational instructional costs in lieu of the estimated $250,000 in funding Unit 40 would be earning if the dollars weren't going to TIF.
Council members awarded a bid for a storage and feed system project at the water treatment plant for close to $800,000 and hired Crawford, Murphy and Tilly as project engineer for the work. The Council were favorable on extending an agreement with West and Company auditors for another three years; and agreed the City should proceed on excluding parking of vehicles close to the intersection of Market Avenue and 1st Street since motorists sometimes cannot see other vehicles or any pedestrians near the intersection when East Side School is in session.
All Council members gave kudos to City staffers and to Mid America Motorworks for this past weekend's Funfest for Corvette, and the downtown welcome Thursday night.
Arndt reported that City, County and 911 Board members will be sitting down to discuss whether to amend their intergovernmental agreement regarding 911 telecommunicators.