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Norway refinancing DDA bonds

September 18, 2012
The Daily News

By LISA M. HOFFMANN

Staff Writer

NORWAY - Norway City Council on Monday approved a resolution to refinance its 2001 and 2005 Downtown Development Authorizing Limited Tax General Obligation Bonds.

City Manager Ray Anderson said that since current interest rates are extremely attractive, staff engaged in an analysis to have the bonds reviewed.

The DDA determined there was sufficient savings to move forward with the refinancing.

The resolution, approved by council members, authorizes the issuance of the bonds in the principal amount not to exceed $1,650,000 for the purpose of refunding all or part of the city's outstanding 2001 and 2005 General Obligation Limited Tax Development Bonds.

The bonds can only be issued if the city realizes a net present value savings of at least 4 percent after payment of all issuance costs.

In other action, council:

- Appointed Mark Bubloni, George Servia and Joe Lori to the Property Maintenance Board of Appeals. Their terms coincide with their terms on the Norway Area Zoning Board of Appeals.

- Approved moving forward with the energy efficiency project and contracting with Mead & Hunt to perform engineering services at a price not to exceed $15,100. This is for efficiency work at the Wastewater Treatment Plant. The project will be handled through a partial grant and a no-interest loan.

- Approved CCI to move forward with the fiber splicing project for a price not to exceed $1,696. Fiber splicing will be done on the fiber loop near the city's low pressure water tank. The project completes the fiber loop project at the tank and allows the city to move forward with the necessary automated telemetry system and eliminate the current AT&T line that costs the city $790 a month.

- Appointed the city manager as the city's voting delegate at the upcoming Michigan Municipal League Annual meeting at Mackinac Island.

Council also held a committee meeting of the whole for Ordinance 402 and Ordinance 403. Ordinance 402 is to provide for and regulate a design principle to promote a safe network of access for pedestrians, bicyclists and motorist within the city. Ordinance 403 is for the urban forestry tree program.

Lisa M. Hoffmann's e-mail address is lhoffmann@ironmountaindailynews.com.

 
 

 

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