Council refinances bonds for complex expansion

Published 3:50pm Thursday, August 22, 2013

Wetumpka council members unanimously approved two General Obligation Taxable Warrants Monday night. The principal amount of one is $9 million (Series 2013-A) and the principal amount of the other is $2.885 million (Series 2013-B).
Proceeds from sale of the bond issues are slated to fund expansion of the city’s sports complex and refinance a loan on property on Highway 14 purchased for industrial development several years ago.
City Clerk Janice Whorton said the warrants will refund the remainder of previous bond issues used to finance a sewer extension and the first phase of the sports complex, along with the $1 million line of credit that funded an extensive paving, curbing and sidewalk project in west Wetumpka.
“The refinancing will give us a better rate, but for the same length of time,” said Whorton.
She said payments on the restructured existing debt will be about $1.154 million annually, more than the $892,000 payment in 2011-12, but less than the $1.4 million payment made by the city in 2009-10.
In other business related to the sports complex, the council approved Goodwyn, Mills and Cawood for engineering/design services on the recommendation of CPM LLC, the company managing projects for both the sports complex and the MLK Recreational Center property.
The council also addressed planned improvements at the Wetumpka Municipal Airport. The panel authorized Mayor Jerry Willis to sign a grant application, accept the grant if it is awarded and sign work orders for projects at the field, including a fencing project. Grant funds will also be used to update the Airport Master Plan.
Because of the upcoming Labor Day holiday, the council’s next meeting was changed to Sept. 3 at 6 p.m. in the city administrative building.

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