City To Refinance 3 Bonds
July 28, 2016 at 4:25 p.m.
With interest rates favorable to borrowers, the Warsaw city council decided during Monday's meeting to refinance three outstanding bonds, after hearing from Todd Samuelson of Umbaugh and Associates, Plymouth.
The city stands to save $300,000 to $350,000 over the next 20 years, Samuelson said, presenting 15 pages of comparative financial schedules.
Randy Rumpola of Baker and Daniels, Indianapolis, presented Ordinance No. 2003-03-03 to "refund" the revenue bonds. Final reading will be during the March 17 council meeting.
The action combines the outstanding balances of $4.655 million of the 1993 revenue bond issue; $1.34 million on the 1995 revenue bond issue; the principal amount of $10 million on the December 2001 lease rental revenue bond; and a new bond not to exceed $5.8 million for the interceptor project. The debt is to be repaid out of sewage works net revenues.
The financial schedules and the ordinance are on view at the clerk's office.
Interceptor bids were opened in December by the Board of Works, although they won't be awarded until funding is in place.
Community development coordinator Teresa Ho provided the council with a list of priorities and actions being implemented by the downtown task force. Ho was requested to make the presentation at the Feb. 17 meeting.
Using the HyettPalma Downtown Action Agenda as a guideline, the committee has interviewed architects, studied parking issues, designed informational signage and suggested ongoing programs - just a few items mentioned in a three-page document.
Ho said her Kosciusko Leadership Academy "white paper" will compare the feasibility of relocating city hall to another downtown location versus upgrading the current building.
During the last meeting, Kevin A. McCrory, a landscape architect associated with The LandPlan Group, presented illustrations of Center Street incorporating trees, shrubbery and planter boxes.
The council approved a $25,000 transfer from the building and planning department's Tree City account to fund LandPlan's professional services: redesign of four blocks along Center Street, from High to Washington streets, and contract fees.
Jerry Opperud, a downtown resident, addressed the board about a number of concerns. He advised the members to take care of simple, quality-of- life matters before implementing the "glitz and glamour" of the HyettPalma recommendations.
"I ask you to take serious consideration of the quality of life downtown," he said. "There are no efforts to keep the sidewalks clean of snow. There is no concern for pedestrians' safety and comfort.
"You have noise ordinances not being pursued. There are the sounds of loud mufflers and excessive speed at all hours of the day.
"The activity in the city lot adjacent to the two downtown bars has gotten worse; people urinating in walkways, cursing, fighting, throwing objects. We have to hear, see and live with this rowdy behavior.
"Development of quality stores and living spaces and expanded retail outlets doesn't mean much if we can't get these things under control."
Mayor Ernie Wiggins said more merchants need to take responsibility to clean up the sidewalks and that the public works department has cleared the walks of snow many times this winter.
"They should take the responsibility," he said. "It is their responsibility." Wiggins noted Carmen Lock of the Warsaw Community Development Corp. has been advising downtown business owners to remove snow.
In other business, the council:
• Approved the annexation of properties on Greenhill Drive belonging to Cecil and Donna Clem, Amy Miller, Sue Johnston, Eugene and Phoebe Arington, Darin and DiAnne Miller and Ezequiel Sanchez.
• Heard from councilman Jerry Patterson, who asked that the city pursue the installation of lights and gates on the Norfolk-Southern Railroad crossing at CR 250N, just east of Ind. 15.
City planner Jeff Noffsinger said the improvements to that crossing are part of a project between the county and the railroad company. When other crossings are closed, additions will be made to CR 250N's crossing.
• Approved several building and planning department account transfers, totaling $9,165, to purchase a new computer network server and fax/network copy machine upgrade. The equipment replaces units damaged during a power surge and provides the department with a server separate from the sewage collection office.
• Approved a transfer of $89,440 from street salaries and wages to other services and charges for the curbside-recycling program.
Town council members are Jerry Patterson Bill Rhoades, George Clemens, Jeff Grose, Charles Smith and Trish Brown. Joe Thallemer was absent. [[In-content Ad]]
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With interest rates favorable to borrowers, the Warsaw city council decided during Monday's meeting to refinance three outstanding bonds, after hearing from Todd Samuelson of Umbaugh and Associates, Plymouth.
The city stands to save $300,000 to $350,000 over the next 20 years, Samuelson said, presenting 15 pages of comparative financial schedules.
Randy Rumpola of Baker and Daniels, Indianapolis, presented Ordinance No. 2003-03-03 to "refund" the revenue bonds. Final reading will be during the March 17 council meeting.
The action combines the outstanding balances of $4.655 million of the 1993 revenue bond issue; $1.34 million on the 1995 revenue bond issue; the principal amount of $10 million on the December 2001 lease rental revenue bond; and a new bond not to exceed $5.8 million for the interceptor project. The debt is to be repaid out of sewage works net revenues.
The financial schedules and the ordinance are on view at the clerk's office.
Interceptor bids were opened in December by the Board of Works, although they won't be awarded until funding is in place.
Community development coordinator Teresa Ho provided the council with a list of priorities and actions being implemented by the downtown task force. Ho was requested to make the presentation at the Feb. 17 meeting.
Using the HyettPalma Downtown Action Agenda as a guideline, the committee has interviewed architects, studied parking issues, designed informational signage and suggested ongoing programs - just a few items mentioned in a three-page document.
Ho said her Kosciusko Leadership Academy "white paper" will compare the feasibility of relocating city hall to another downtown location versus upgrading the current building.
During the last meeting, Kevin A. McCrory, a landscape architect associated with The LandPlan Group, presented illustrations of Center Street incorporating trees, shrubbery and planter boxes.
The council approved a $25,000 transfer from the building and planning department's Tree City account to fund LandPlan's professional services: redesign of four blocks along Center Street, from High to Washington streets, and contract fees.
Jerry Opperud, a downtown resident, addressed the board about a number of concerns. He advised the members to take care of simple, quality-of- life matters before implementing the "glitz and glamour" of the HyettPalma recommendations.
"I ask you to take serious consideration of the quality of life downtown," he said. "There are no efforts to keep the sidewalks clean of snow. There is no concern for pedestrians' safety and comfort.
"You have noise ordinances not being pursued. There are the sounds of loud mufflers and excessive speed at all hours of the day.
"The activity in the city lot adjacent to the two downtown bars has gotten worse; people urinating in walkways, cursing, fighting, throwing objects. We have to hear, see and live with this rowdy behavior.
"Development of quality stores and living spaces and expanded retail outlets doesn't mean much if we can't get these things under control."
Mayor Ernie Wiggins said more merchants need to take responsibility to clean up the sidewalks and that the public works department has cleared the walks of snow many times this winter.
"They should take the responsibility," he said. "It is their responsibility." Wiggins noted Carmen Lock of the Warsaw Community Development Corp. has been advising downtown business owners to remove snow.
In other business, the council:
• Approved the annexation of properties on Greenhill Drive belonging to Cecil and Donna Clem, Amy Miller, Sue Johnston, Eugene and Phoebe Arington, Darin and DiAnne Miller and Ezequiel Sanchez.
• Heard from councilman Jerry Patterson, who asked that the city pursue the installation of lights and gates on the Norfolk-Southern Railroad crossing at CR 250N, just east of Ind. 15.
City planner Jeff Noffsinger said the improvements to that crossing are part of a project between the county and the railroad company. When other crossings are closed, additions will be made to CR 250N's crossing.
• Approved several building and planning department account transfers, totaling $9,165, to purchase a new computer network server and fax/network copy machine upgrade. The equipment replaces units damaged during a power surge and provides the department with a server separate from the sewage collection office.
• Approved a transfer of $89,440 from street salaries and wages to other services and charges for the curbside-recycling program.
Town council members are Jerry Patterson Bill Rhoades, George Clemens, Jeff Grose, Charles Smith and Trish Brown. Joe Thallemer was absent. [[In-content Ad]]