City could save nearly $300,000
Hillsboro City Council on Tuesday approved resolutions allowing bond counsel J.T. Klaus to begin work toward refinancing bonds.
Refinancing bonds for Hillsboro Family Aquatic Center could save the city about 8 percent of the remaining payments.
“We talk about 5 percent being a slam dunk,” Klaus said.
The savings could total $190,000 over the life of the bonds. That’s about one year’s payment, City Administrator Larry Paine said.
“Sounds like a no-brainer,” council member Bob Watson said.
Refinancing four other bond issues from 2000, 2001, 2003, and 2004 could save the city an additional $101,000. Klaus emphasized that the council wasn’t giving final approval to refinance, only to begin the work.
The council also scheduled a public hearing regarding a project plan for the tax-increment financing district that includes Hillsboro Business Park and the former AMPI building. Approval would allow the city to finance improvements for the Midway Motors relocation with the increased tax revenue caused by development. The public hearing will be 4 p.m. Dec. 7, during the regular council meeting.
In other business:
- Year-to-date sales tax revenue through September was increased from the same time in 2009, with a total revenue of $474,308. It was the first time during the year that sales tax revenue surpassed 2009.
- The council discussed the lack of aerators at the city wastewater treatment lagoon. Mayor Delores Dalke said she had the impression that aerators were included in the design. Paine said that any aerators had been removed from the design before he began working for the city.
- Dalke said developer Eldred Kunkel had offered to donate stored wheat and milo to the city, worth $1,066 after subtracting Cooperative Grain and Supply’s storage fees. Kunkel has also offered to donate 19 lots in Willow Glen.
- The council discussed a letter from the Hillsboro Free Press regarding online publication of legal notices. No action was taken.
- Paine, City Clerk Jan Meisinger, and City Attorney Dan Baldwin met with the council in closed session for 15 minutes to discuss personnel. Upon return to open session, the council extended the closed session by five minutes. No action was taken on return to open session.
- Paine and Baldwin met with the council in closed session for 15 minutes to discuss matters protected by attorney-client privilege. No action was taken on return to open session.
The next council meeting will be 4 p.m. Nov. 16.
Last modified Nov. 3, 2010