City Council plans debt restructure to stabilize tax rates
 
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In an effort to avoid “spikes” in the tax rate for debt service and to stabilize future tax rates for debt service, the City Council voted to approve the restructuring of debt that was originally issued in 1997. This is the second phase of the financial plan presented in the spring. This involves the borrowing of $805,000 through General Obligation Refunding Bonds. The restructuring planned for June of this year was held up by state and federal regulations, which turned out to benefit the city because of the lower interest rates. The new interest rate is 4.6 percent, which saves the city approximately $90,000. Mike Schindhelm, of Foth and VanDyke, presented a dam update. He stated that the water and sewer in the power house area has been relocated and Terra has completed the excavation in that area. The cement work is slated to start this week with overall completion planned for mid-October. Clearing and grubbing is completed on the upper berm between the main spillway and the head gates, along the auxiliary spillway and the lower berm. They have begun cutting the banks along the lower berm. A resolution was passed to demolish the west addition of the Putnam building (old City Hall). It is in disrepair and in danger of collapsing.
IN OTHER BUSINESS: Citizens need to keep sidewalks in good repair. Any cracks or deviations over one-half to three-quarters of an inch violate city requirements. The city swimming pool will remain open through August 31 - Nine students are taking the life guarding class. All council members were ask to attend a meeting being held at the fire station on August 21,. at 6:30 p.m., where information on a county wide emergency system will be presented. The council approved the plan commission recommendation to divide the Century Satellite property into two lots. A resolution passed declaring the redevelopment project area a blighted area. New licenses were approved for the Gridiron. A request for an outside beer tent by Cardinal Lanes was denied. There is a problem with twenty-six downtown trees. Some need trimming, while others may need to be removed. BID has gotten a bid of $1,500 for the trimming and removal, but they would like input from the city. The street department will look into this. The Historic Preservation committee is concerned about the painting of a downtown building after BID cleaned and tuck pointed the building. This occurred after a building was sold. Something needs to be done to prevent this from happening. The mayor stated that department budgets for 2003 will be due by October 10. He does not want to see an increase over last year.
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