City to Save $808k by Refinancing

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ON THE WEB By Robert Herrington [email protected] Noblesville officials are refunding bonds in order to reduce the annual lease rental payments by hav- ing a lower interest rate. City attorney Michael Howard said the 2005 bonds are from the building of City Hall. “Presuming interest rates stay at their present level, City Securities anticipates a total gross savings over the next 11½ years of approximately $800,000,” he said. “The experts are anticipating that interest rates will be up substantially between now and the call date of the 2005 bonds, which is July 15, 2015.” Howard said with the estimated savings on these bonds, Noblesville will have saved $1.2 million in interest payments over the next 12 years. He said those savings are: Little Chicago Road, $533,230; Noblesville Fire Station No. 5 and 6, $578,372; and City Hall, an estimated $808,000. “We could wait but the analysis shows if interest rates go up 6 percent we would be at a push. Their recommendation is that we go now,” Howard said. “The best advice from advisors is this is the time to go forward.” Councilman Greg O’Connor, a vice presi- dent at M&I Bank, echoed the sentiments of City Securities and said it would be prudent to refinance sooner rather than later. “I think we can lock these short-term rates now,” he said. “If we want to make a move, now is the time to do it.” With the approval of the resolution, Howard said the City Securities plans to enter into a bond pur- chase agreement through a private placement by this week. City to save $808k by refinancing GOVERNMENT Other items of business at the Feb. 11 meeting: What happened: Ordinance amendment concerning benefits What it means: Deputy Mayor Mike Hendricks said this ordinance was only brought before council to clean up areas that have already been approved by council in other ordinances, agreements, and meet and confer contracts. Nothing new was added or taken away from the police or fire agreements. What’s next? The amendment was unanimously ap- proved by the council. What happened: Ordinance concerning health benefits What it means: Human resources director Holly Ramon said certain retired and appointed employees and elected officials can evaluate various Medicare Prescription Plans that cost the same or less than its current carrier, Anthem Blue Cross and Blue Shield. Ramon said one ex- ample of the change was a retired employee’s payment dropped from $90 a month to $12 with the change. “It’s a savings for the individual and the city,” she said. What’s next? The ordinance was unanimous- ly approved by the council. What happened: Ordinance amendment to employee personnel policy handbook What it means: Ramon said sections of the handbooks have been changed to comply with state and federal laws. The handbook also has added information on the city previously not included. “It’s just wording changes and updates,” Ramon said. What’s next? The ordinance may be voted on at the Feb. 25 meeting. Howard Third writing contest guideline announced – The Noblesville Cultural Arts Commission and The Polk Street Re- view have created the inaugural Armchair Detective Story Contest. The grand prize winner will receive $1,000. As one of its rules, the contest mandates that the story must incorporate four required elements, one of which will be released every week in February in “Current in Noblesville.” The Polk Street Grasshopper says the third requirement in the NCAC Armchair Detective Contest pays homage to the written word. The Polk Street Review, Noblesville’s Literary Magazine, celebrates our city and its poets and writers. Therefore, one clue your armchair de- tective comes across while attempting to solve the crime you’ve manufactured out of the recesses of your imagi- nation must be a piece of written language. (Notice – The Grasshopper doesn’t say the written language must be English, handwritten, on paper or in complete sentences; only that it be written language.) For more details and former guidelines, visit www.currentnoblesville.com.

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Transcript of City to Save $808k by Refinancing

3February 18, 2014Current in Noblesville

www.currentnoblesville.com

Say what you will about author George R.R. Martin and HBO’s adapta-tion of his epic fantasy series, but they’re willing to take big storytell-ing chances. That narrative brashness continues in season three, which sees the entire continent of Westeros split into different war-ring factions. It’s full of surprises and unexpected character develop-ment, with fan favorites brought low and the hissable Lannister clan seemingly triumphant. Read more at currentnightandday.com

Columnist Vicky Earley writes that most people understand the basic concept of a focal point, but don’t understand how to use this critical design tool to create a fabulous room. Technically, a focal point is defined as the point at which all ele-ments or aspects converge; the center of activity or attention. This leads to the question, just what should be the center of attention in a space?. Read more at currentnoblesville.com

Noblesville High School has released the First Semester Honor Roll for freshmen through senior students that made either the All “A” or A/B honor rolls. To see the complete list of students honored, visit currentnoblesville.com.

Noblesville Schools is offering special pro-grams for students in grades 1-8 during Spring Break. Sessions will be offered from 8:30 to 11 a.m. Monday through Thursday each week of Spring Break (March 31 through April 3 and April 7 through 10). Sessions are offered for elementary and middle school students. All programs will be led by certified teachers and all are offered free of charge. Read more at currentnoblesville.com

DISPATCHESDeadline nears – March 1 is the last day for Hamilton County youth in grades 3 through 12 to enroll in the 4-H program for 2014. 4-H is an informal educational program in which youth “Learn by Doing.” Youth can learn life skills such as cooperation, leadership, decision-mak-ing, responsibility and more through hands-on projects in more than 60 different subject areas. For more information and an enrollment card, visit the Purdue Extension Hamilton County office on the 4-H Fairgrounds at 2003 Pleasant St., Noblesville, or call 776-0854. On-line enrollment is available at www.ag.purdue.edu/counties/hamilton.

Kids sale – The Kids Helping Kids indoor garage sale is 10 a.m. to 1 p.m. Feb. 22 at the Forest Park Inn, 701 Cicero Rd. Children run their tables with adult assistance and keep their profits. All items for sale must be fun stuff: toys, games, dress-up attire, books, bikes and DVDs. Admission is $1 and go toward Nobles-ville Parks kids’ program scholarships. For more information, call 770-5750.

ON THE WEB

DVD Review - Game of Thrones: Season 3

Decorating Smart students

Spring Break programs

COMMUNITY

Fit for the ball – For the past eight years, Cin-derella Story of Hamilton County has collected donations of new and like-new formal gowns and accessories and provided them to specially selected junior and senior girls from Hamilton County Schools for prom. Drop-off locations are Twisted Sister, 546 N. Union St., Westfield; American Family Insurance, 15200 Cumberland Rd., Noblesville; and Health Source of Carmel, 12413 Old Meridian St. For more information, e-mail [email protected].

Concert series – The Noblesville Parks Dept. has announced the lineup for the 2014 summer concert series. Concerts start at 7 p.m. and will be held at Dillon Park, 6001 Edenshall Lane, and Forest Park, 701 Cicero Rd. Shows at Dillon Park include Living Proof, May 29; The Bishops, June 5; Seth Bradley, June 12; Dave & Rae, June 19; and My Yellow Rickshaw, June 26. Forest Park shows are Zanna-Doo, July 10; Jordan Carter, July 17; 8 Miles High, July 24; and Paul Butler as “Elvis,” July 31.

By Robert Herrington • [email protected]

Noblesville officials are refunding bonds in order to reduce the annual lease rental payments by hav-

ing a lower interest rate. City attorney Michael Howard said

the 2005 bonds are from the building of City Hall.

“Presuming interest rates stay at their present level, City Securities anticipates a total gross savings over the next 11½ years of approximately $800,000,” he said. “The experts are anticipating that interest rates will be up substantially between now and the call date of the 2005 bonds, which is July 15, 2015.”

Howard said with the estimated savings on these bonds, Noblesville will have saved $1.2 million in interest payments over the next 12 years. He said

those savings are: Little Chicago Road, $533,230; Noblesville Fire Station No. 5 and 6, $578,372; and City Hall, an estimated $808,000.

“We could wait but the analysis shows if interest rates go up 6 percent we would be at a push. Their recommendation is that we go now,” Howard said. “The best advice from advisors is this is the time to go forward.”

Councilman Greg O’Connor, a vice presi-dent at M&I Bank, echoed the sentiments of City Securities and said it would be prudent to refinance sooner rather than later.

“I think we can lock these short-term rates now,” he said. “If we want to make a move, now is the time to do it.”

With the approval of the resolution, Howard said the City Securities plans to enter into a bond pur-chase agreement through a private placement by this week.

City to save $808k by refinancing

gOvErNMENT

Founded Sept. 15, 2009, at Noblesville, IN

Vol. V, No. 19Copyright 2013.

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On the CoverParks director Brandon Bennett has been working for Noblesville Parks since 1995. He said overseeing the department was a dream of his he didn’t know he had. (Photos by Robert Herrington)

The views of the columnists in Current in Noblesville are their own and do not necessarily

reflect the positions of this newspaper.

Contact the EditorHave a news tip? Want to submit a cal-endar event? Have a photograph to share? Call Robert Her-rington at 489.4444 ext. 206 or e-mail him at [email protected]. You may also submit information on our website, currentnoblesville.com. You can find the Contact Us form under About Us in the upper-left corner. Remember our news deadline is typically eight days prior to publication.

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Other items of business at the Feb. 11 meeting:

What happened: Ordinance amendment concerning benefits

What it means: Deputy Mayor Mike Hendricks said this ordinance was only brought before council to clean up areas that have already been approved by council in other ordinances, agreements, and meet and confer contracts. Nothing new was added or taken away from the police or fire agreements.

What’s next? The amendment was unanimously ap-proved by the council.

What happened: Ordinance concerning health benefits

What it means: Human resources director Holly Ramon said certain retired and appointed employees and elected officials can evaluate various Medicare Prescription Plans that cost the same or less than its current carrier, Anthem Blue Cross and Blue Shield. Ramon said one ex-ample of the change was a retired employee’s payment dropped from $90 a month to $12 with the change. “It’s a savings for the individual and the city,” she said.

What’s next? The ordinance was unanimous-ly approved by the council.

What happened: Ordinance amendment to employee personnel policy handbook

What it means: Ramon said sections of the handbooks have been changed to comply with state and federal laws. The handbook also has added information on the city previously not included. “It’s just wording changes and updates,” Ramon said.

What’s next? The ordinance may be voted on at the Feb. 25 meeting.

Howard

Third writing contest guideline announced – The Noblesville Cultural Arts Commission and The Polk Street Re-view have created the inaugural Armchair Detective Story Contest. The grand prize winner will receive $1,000. As one of its rules, the contest mandates that the story must incorporate four required elements, one of which will be released every week in February in “Current in Noblesville.” The Polk Street Grasshopper says the third requirement in the NCAC Armchair Detective Contest pays homage to the written word. The Polk Street Review, Noblesville’s Literary Magazine, celebrates our city and its poets and writers. Therefore, one clue your armchair de-tective comes across while attempting to solve the crime you’ve manufactured out of the recesses of your imagi-nation must be a piece of written language. (Notice – The Grasshopper doesn’t say the written language must be English, handwritten, on paper or in complete sentences; only that it be written language.) For more details and former guidelines, visit www.currentnoblesville.com.

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February 18, 2014
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