Bond refinancing to save money for city and schools


By Linda Dillman
Staff Writer

A little extra effort now could result in substantial savings for both the city of Reynoldsburg and the local schools.

At Reynoldsburg City Council’s Sept. 28 meeting Reynoldsburg City Auditor Richard Harris said that by refinancing the bonds on infrastructure improvements for the Taylor Square TIF and the police department building, the city and the school district could save a combined total of $600,000 over the course of 10 years.

“I bring you good news,” said Harris, who went on to tell council about the refinancing package his department has worked on over the last few weeks. “Half of the savings would be ours and half would be the schools. I will be coming back to you with a bond ordinance and bring you the specifics later on down the road.”

According to Harris, while interest rates can be locked down now with a financial institution before they rise as expected, the bond package cannot be finalized before next year.

“We can’t call the bonds yet,” said Harris, “but we can make a deal with the bank before interest rates go up. Then, just like a home loan, we’ll close in March 2016. The Taylor Square TIF dates back to 1998 and the police building was in 2000. Both were refinanced in 2006.”

Other news

•Council approved the purchase of a vehicle for the court liaison and selected new representatives for the planning commission and the design review board.

•Councilman Dan Skinner apprised fellow representatives of the West Licking Joint Fire District’s plan to secure a new fire station in an area between Pataskala and Reynoldsburg. The joint fire district was created in 1982 and operates out of three fire stations. Currently in the research and negotiation stage, Skinner said, “Hopefully, I’ll have an update in the next couple of meetings.”

•Council heard second readings on a pair of special exception use permits for auto sales at 6366 E. Main St. and professional activities at 6475 E. Main St., along with an ordinance for an agreement with Evans, Mechwart, Hambleton & Tilton, Inc. (EMH&T) for professional consulting and structural engineering services.

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