Refinancing debt will help Glenville save $462K
GLENVILLE Glenville officials anticipate saving close to a half-million dollars after agreeing Wednesday to refinance another round of bonds.
The Town Board approved refinancing $6.4 million worth of remaining debt it incurred from a bond it took out in 2005, mostly for water infrastructure projects.
Town Comptroller Jason Cuthbert said this savings of about $462,000 comes on top of $513,000 that the town will save after the board last May agreed to refinance about $3.36 million of debt from bonds it took out in 2002 to acquire land, extend a water district and close the landfill.
“That’s $975,000 in today’s money that this board has saved by refunding bonds over the last two years,” he said.
Glenville is taking advantage of lower interest rates and the upgrading last April by Moody’s Investors Service of its credit rating one notch, from A1 to Aa3, which is the fourth-highest rating on the firm’s scale and in the “strong” category.
Moody’s pointed to the town’s conservative budgeting practices, growing tax base with additional residential and commercial construction and less use of surplus in balancing its budget to justify its decision.
Cuthbert said the current administration inherited $23 million in debt in 2010 and trimmed that to $19 million in less than four years.
“Everything seems to be gong in the right direction,” he said.
In other business, the board:
• Authorized Public Works Commissioner Tom Coppola to enter into a contract with County Waste & Recycling Service Inc. to conduct the town’s annual bulk item pickup program at a cost not to exceed $18,645. Councilwoman Gina Wierzbowski said the popular program that allows residents to leave big items curbside for disposal will return, possibly in June. More information will be distributed when a date is set.
• Approved changes to modernize the sign ordinance. The revisions permit new materials and types of signs that were not permitted when the ordinance was originally drafted. Signs that are made of plastic, are internally lighted and use LED now will be permitted. Also allowed now are ground-level signs called monument signs, which town officials consider more attractive than those mounted on poles in front of businesses. Wierzbowski said the changes are part of the town’s commitment to be business-friendly.
• Agreed to purchase one marked police vehicle at a cost not to exceed $32,000. Police Chief Michael Ranalli has been trying to upgrade his department’s aging fleet of vehicles.