Randall refinances bonds; city officials expect to save more than $56,000
By Tina Snell, Staff Writer
The members of the Randall City Council passed two resolutions which will refinance several bonds, thus saving the city $56,240 over approximately 10 years.
Resolution 2012-5 concerns the Revenue Crossover Refunding bonds of 1998. Bonds were originally purchased to install the city’s gas lines and electrical system in 1995. They were refunded to the bond holders in 1998, when interest rates were lower and the bonds were refinanced.
The current refinancing brought the interest rate down from 5 percent to 3 percent and will save the city $23,657 over the remaining life of the bonds which mature in 2020.
Resolution 2012-6 was also passed Nov. 21, to refund three Government Obligation bonds to the bond holders. They included:
• The disposal system bond from 1992, sold to upgrade the sewer plant. Those bonds were at 5 percent interest and will drop to 2.15 percent, saving the city $17,846;
• The TIF bonds from 2006, which were at 5 percent and will be reduced to 2.15 percent, will give the city added savings of $10,946; and
• The capital improvement bonds, sold in 2009 to purchase and remodel city hall, will have its interest rate drop to 2.15 percent from 4.25 percent, thus saving the city $3,791.
The Government Obligation bonds will mature in 2022.
Randall City Council briefs
Other business conducted by the Randall City Council Nov. 21, included:
• Voting to approve the police department spend no more than $2,300 for a new computer/monitor/software and a hand-held dictation device. The old computer would be put in city hall to be used by both the maintenance supervisor and the water and sewer manager to use;
• Accepting Vision Randall’s request to install a nine-hole disc golf course in Bingo Park. The cost of the project is expected to run $5,500 – $7,000 and the money will come from fundraising;
• Approving an on-sale and Sunday liquor license for the Randall VFW, a 3.2 off-sale beer license for Petro Plus Gas Station and cigarette licenses for Gosch’s Store, Petro Plus and OK Tire and Bait for 2013;
• Voting to close the liquor store, both the on- and off-sale departments, at 5 p.m. Christmas Eve and to keep the on-sale open New Year’s Eve until 1 a.m. Jan. 1, 2013;
• Voting to accept the Nov. 6 election results giving Mayor Bob Riitters 255 votes and councilmen Rick Turner 231 votes and Jerry Carter 194 votes;
• Approving a building permit for Lenny Walderon to install siding on an existing two-story outbuilding;
• Learning the compressor for the keg cooler in the liquor store quit working. A new one was installed Friday; and
• Learning winter natural gas prices were locked in at 72 cents per 100 cubic feet.
The next regularly scheduled meeting will be held at the Randall Fire Hall Wednesday, Dec. 19, at 7 p.m.