By Nate Smith, Staff Writer
In a relatively quiet Washington City Council meeting Monday, the council approved revising an ordinance that would find a better suitor for upcoming sewer bonds.
The council approved 6-0 in a suspended reading to amend a previous bond ordinance that would “give more flexibility,” according to bond accountants. Council member Allen Brown was absent.
In February, the council had read a bond ordinance but did not get a favorable rate on its bonds worth $2.75 million and decided to have another sale.
Bond financiers Sue Beesley with the law firm of Bingham McHale and James Higgins with the London Witte group told council members that if the city improves its ordinance in three areas, they should get a more favorable rate of interest.
Those areas were allowing a 2 percent discount, increasing the maturation of the bonds from 20 to 22 years and allowing refunding in 10 years instead of 12.
Higgins told council members that if the city allowed the two percent discount, they would not get a high interest rate tacked on at the beginning.
“(The discount) will help take care of the people selling you the bonds,” Higgins said.
Higgins also said increasing the maturation years will allow for level payments by the city and the refunding is another incentive to keep rates low.
Both Higgins and Beesley have been working with local banks and investors on interest in the city’s bond sale to begin May 21. The sale is open to the public and should be closed by May 29.
In other sewer news, Mayor Larry Haag announced there will be a press conference today on the city’s work to help low-level flooding. The city has built terraces at its two retaining ponds that help limit the flow of water going through the city and into the White River. Wastewater Superintendent Scott Rainey said his department has not had a call about a flooded basement this spring.
In other business:
TRANSIT RESOLUTION
The council unanimously voted on an annual resolution to allow Haag to apply for federal funds for the city’s transit system. Chuck Martindale with INDOT said the city is looking for 70 percent of its funding to go through state and federal funds. The city, which has been getting federal help since 1981, averages 50 to 52 passengers a day on its bus.
BANK ROBBERIES
Police Chief Steve Riney briefed council members and lauded his squad after a bank robber tried to rob both the Old National Bank and Crane Federal bank branches Friday. Riney said the suspect was identified within 90 minutes of the robbery and Butcher was arrested within 24 hours of the crime.
Riney applauded the cooperation the city received from both the county and state police in apprehending Butcher.
“I think everyone did a good job,” Riney said.
METER ORDINANCES
The council unanimously passed on a final reading two ordinances for water and electric meter reading. If a meter reader cannot read a meter, a letter is sent giving the homeowner 30 days to remedy the problem — dogs, locked gates, bushes — before the water or electricity is turned off.
LIBRARY CARNIVAL
The council and later the Board of Public Works and Safety, allowed the closing of N.W. Third Street from Main to VanTrees on June 6 for a street carnival hosted by the Carnegie Public Library. Lori Osmon, youth librarian, said the carnival is to jump start its summer reading program and get more youth involved.
