43
Bond issue gets 1st reading
By Ed Runyan
WARREN
City council gave a first reading Wednesday to legislation that would allow the city to sell bonds totaling $24.3 million to build a one-stop city-services building, undertake other capital improvements and refinance debt.
Councilman Al Novak sponsored the 10 ordinances, which would carry out a proposal first put forth by Mayor Michael O’Brien and Safety-Service Director Doug Franklin in April during Franklin’s run for the Democratic nomination for mayor.
Franklin won the nomination and is likely to become mayor in January since he has no Republican opponent in November.
The legislation calls for $8.8 million to be raised for the one-stop building, which officials say would be built in the downtown area and allow residents to transact business for several departments in one place, such as pay water bills or income taxes.
Council plans to talk about the proposal at an upcoming council committee meeting. No date has been set.
Councilwoman Cheryl Saffold said Thursday she believes a public forum also would be appropriate so that the public can learn more about bond financing and other issues. Experts need to be called in to talk about it, Saffold said.
One big question everyone needs answered, Saffold said, is “Can we afford it?”
David Griffing, Warren auditor, said he would encourage council to refinance its $9.6 million in current debt within a reasonable amount of time because interest rates are at the lowest level they’ve been since Griffing began working for the city 28 years ago.
“With rates the way they are, it’s a good opportunity,” Griffing said.
The one-stop center and refinancing make up $18.4 million of the total. The legislation also proposes $5.9 million worth of other capital improvements. They are:
$795,000 to pay the cost of rehabilitating the Central fire station on South Street and acquire a pumper truck and equipment.
$480,000 to acquire vehicles and equipment for the police department, plus mobile video recording equipment and internal- affairs software.
$60,000 for vehicles needed by the engineering department.
$1,765,000 for the central operations complex on Main Avenue Southwest for building improvements, road construction and service vehicles, acquisition of lift equipment for vehicle maintenance and other equipment. The operations department maintains roads and parks.
$270,000 to acquire computer hardware and software and other electronic equipment used in city government.
$385,000 to construct, reconstruct, renovate and equip various city buildings.
$2,145,000 to build, rebuild or resurface streets.
$1.9 million to refinance $1.9 million worth of police and fire pension debt.
$7,745,000 to refinance debt associated with 1997 bonds related to water lines and facilities at a savings of $1.3 million over 11 years, Griffing estimates.