Lowel plans early payoff on $2.3 million bond

2014-03-01T00:00:00Z Lowel plans early payoff on $2.3 million bondMelanie Csepiga Times Correspondent nwitimes.com
March 01, 2014 12:00 am  • 

LOWELL | The Town Council has positioned itself to save $175,000 in interest on a $2.3 million bond issue.

At the recommendation of Lowell Clerk-Treasurer Judy Walters and financial consultant Greg Guerretaz of FSG, the council agreed to pay Lowell's half of the bond obligation it shares with Cedar Lake before it is due in 2020.

The bond issue was handled by Cedar Lake and funded the construction of an equalization basin, part of the sanitary sewer treatment system the two towns share.

Walters said Cedar Lake officials did not yet have the exact amount required for Lowell to pay its share.

For that reason, the council authorized Walters to complete the transaction once the numbers come in.

On another financial note, because the 2014 budget included funds to hire the town's first paid firefighter, but the position's pay was not put into the salary ordinance, Walters asked the council if it was ready to hire a firefighter.

The council agreed to move forward with the position's salary added to the salary ordinance.

Councilman Craig Earley, D-1st, said the council needs to consider where the money for new radios associated with the E-911 consolidation can be found.

Walters suggested public safety money or cumulative funds would have to pay for the radios, probably on a lease/purchase arrangement over three to five years.

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