Georgetown council votes to refinance debt

Georgetown council votes to refinance debt

GEORGETOWN — City officials voted Tuesday to refinance two sets of bonds so that the city can take advantage of lower interest rates on the debt.

The city has about $2.6 million in two debts — a 2003 loan from the Illinois Environmental Protection Agency to improve water system infrastructure, and a set of bonds that was sold in 2004 to pay for the remodeling of the city hall and the senior center/public library.

Council members voted to refinance the two debts into a single, lower-interest debt with the same final repayment — 12 years from now — and still save about $70,000 in interest payments.

In other business, Robert Kohlhase, an engineering manager with the city engineers, The Farnsworth Group of Peoria, gave updates on two assignments to the council.

The engineering company plans to seek bids for three sewer-related projects — the installation of a new storm sewer along Whittier Street to divert stormwater around the city, the upgrading of equipment at the wastewater treatment plant, and the repair and cleaning of the wastewater lagoons and the addition of a chlorine basin to lower bacteria levels in the treated wastewater before it is discharged from the plant.

Kohlhase said he hopes to review the bids in mid-October and to recommend a contractor to the city by late October so that work can begin later this year.

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