ElDo City Council votes to save $870,000

Posted February 7, 2013 at 1:25 pm

The El Dorado Springs City Council voted unanimously to refinance the interest rates for the Civic Center, currently at 4.85%, and the 2006 series water financing, currently at 5.25%. By combining the two bonds into one issue at a rate of 2.5%, the approximate saving to the city would be $870,000. The bond issue would be paid off at the same time as the original bond issues.

All Councilmen were present for the Monday, Feb. 4, meeting: Jerry Friar, Gene Floyd, Randy Bland and Jerry Baldwin. Mayor Brad True was present as were City Manager Bruce Rogers, City Clerk Lisa Allison and Todd Goffoy with Piper Jaffray, an investment bank and asset management firm.

Rogers said he had been watching interest rates for some time to see if the city could re-finance, saving money over the life of the loan. He said the loan will not be extended and that all the savings are generated through the interest rate reduction. He also proposed to pay $150,000 each toward the Civic Center and the water bond issues from the surplus in the water/sewer fund. There is currently $320,000 owed to the general fund from the water/sewer fund.

The ordinance was approved on the first and second reading. The closing is set for Thursday, Feb. 28.

During his city manager report, Rogers said that just under $14,000 in grant money from the USDA had been received for the storm warning siren. That project has been completed.

He said that the detention basin is 90% complete and the contractor is waiting on the engineers to verify the grade. There was a discussion about tree removal and the possibility of planting evergreen trees as a view barrier. Rogers said that trees on the south end of the basin had been left so as to not create an erosion problem next to the baseball field.

Rogers told the council that the security camera system is being upgraded at the Civic Center/City Hall building and a system has been added to the golf course. The existing system will be moved to the Old Community Building. He said that the new system, which costs between $2,800 and $2,900, has better equipment and better resolution. The original system for the Civic Center cost $8,000.

Rogers said he was continuing to work on the recycling program. The only one currently available is at the transfer station. The previous program, located behind Evan’s Drugs, was well received and had a lot of use, but the program has been discontinued.

There is a basketball tournament scheduled for the weekend of Feb. 22. There are 38 teams signed up with two places still available. The players are on traveling teams and range from 3-4 years old to high school. Games will be played at the Civic Center and the High School Gym.

The auditor plans to be at the next meeting on Feb. 18.

Floyd said that he had gone to see the detention basin and was unable to access it by vehicle, but noticed there was still some brush piles at the end of Twyman. Roger said he hadn’t been that area currently, but thought the remaining brush piles would be burned.

Floyd mentioned the cracks on Carman Rd. and asked if the city planned to fill the cracks this summer. Rogers indicated that had been planned.

Floyd mentioned that Darin Hamelink with MoDot had called to offer to speak to any group that might like to have a progress report. Floyd said he had called Jackson Tough and Travis Farran with the Chamber of Commerce.