City gets good rate on financing new building
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STREET SIGNS left laying in resident’s yards following the street construction of Highway 170 in Glenwood City. —photo by Carlton DeWitt
The City Council learned Monday night at their regular monthly meeting that the financing for the new municipal building would carry an interest rate just below the two percent mark.
Josh Low and Brian Reilly of Ehlers out of Roseville, Minnesota presented the good news along with the results of the selling of $1,820,000 worth of General Obligation Refunding Bonds for the city.
Reilly explained to the City Council the bidding results, noting they had received five bids from financial institutions with Bankers’ Bank out of Madison, Wisconsin coming in with the lowest interest rate set at 1.99 percent. He explained that the bonds are a twenty-year fix term rate, but the city could pay them off after ten years or refinance them. Mayor John Larson told the members of the Council that he was very pleased with the rate.
This financing package of General Obligation bonds will use up about 46 percent of the City’s borrowing power that is set by the state at five percent of the City’s equalized valuation. The interest cost to the city over the twenty-year life of these bonds is $393,404.88.
In other City Council business they heard from Sara Hinz of Cedar Corporation about the progress on the new municipal building with her telling that the construction is slightly ahead of schedule with all the concrete having been done and one coating of blacktop at the parking lot completed. She told the council that about two months of work were left to be completed and she noted that a couple of items, one for the ventilation systems has yet to be delivered. The Council approved payment number four to Derrick Building Solutions for $295,820.50 for work on the new facility.
During the department heads report to the council, David Caress, Public Works Director spoke about the recently street work on State Highway 170 within the city, saying that he will be meeting with state highway people on Wednesday about several items that still needed attention and he noted that he was told that the street signs that were removed during construction would have to be replaced by the city, which drew the ire of several council members. Caress indicated that several of the signs are now laying in the yards of local residents.
Library Director, Rachel Karlson, reported that they had 382 walk-ins his past month with 611 checkouts. She informed the council about the upcoming events at the Library with “Understanding Alzheimer and Dementia” program is set for this Thursday at 6:30 and Halloween movie and party on Thursday, October 28th. Karlson informed the council that she has received a $1,200 grant for the WLA Conference in November. The council also appointed Nichelle Baier to the Library Board.
The Council approved a burning permit application for Jeremie Hannah and an operator’s license for Trista Turner.
The Council heard from Fire Chief Greg Holden about the sale of an 1895 Chevrolet one-ton pickup that the department used as a grass firefighting unit. Holden noting that the department received seven bids for the truck with the high bid being $6,000.
