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.
TERESA SMITH, Times-Union Staff Writer- | July 28, 2016