Refinancing may save Georgetown money

Refinancing may save Georgetown money

GEORGETOWN — The city council is considering refinancing some of its debts and taking advantage of lower interest rates, which could save the city money.

John Vezzetti, an assistant vice president with Bernardi Securities of Chicago, said the city has about $2.7 million in three debts — some bonds sold in 1997, a loan from the Illinois Environmental Protection Agency in 2003, and another set of bonds that were sold in 2004. He projected that the city could refinance the three into a single, lower-interest debt with the same final repayment — 12 years from now — and still save about $106,000 in interest.

The council is expected to discuss the refinancing at its July 1 meeting.

The council this week also accepted a $12,500 bid from Zeke Yoho for the purchase of the former library building.

The city library was located in the one-story, 2,000-square-foot building near the city square until mid-2005, when the city moved it and the senior center into a new municipal building on West West Street. The building has been vacant since then. The council rejected a $12,500 bid from Yoho for the building last September, saying that the property was appraised at $25,000. Yoho was the only person to bid on the building.

Mayor Kay Sanders said she would appoint someone to the vacant Ward 3 city council seat on July 1. Sanders vacated the Ward 3 seat on May 6 when she became mayor. She has 60 days from when she took officetomake her appointment.

City Treasurer Kathy Galyen said that the city's computerized financial records are being restored. She said that when she took office a few weeks ago, the financial records in the office computer were gone. A worker from CTS Computers of Danville was able to recover almost all of the missing data in the Excel and Locus programs, and Galyen said she can now access the financial records.

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Orbiter wrote on June 18, 2013 at 10:06 pm

Good grief, the City financial records are missing?  I smell a cover-up.

 

Then again, who cares. Georgetown is selling off their library, is passing along debt to their children, and has just inked a deal to sell off hundreds of millions of gallons of precious, fresh, aquifer water per year to a coal mine, so that China can have cheap electricity.  What a sad state of affairs. 

rsp wrote on June 19, 2013 at 4:06 am

They had a computer glitch. It happens. They are selling the old, vacant library building, and they are talking about paying off their debt cheaper. I don't understand the water deal. Sounds like trading good clean water for dirty.