Archbold, OH
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Town Council Considers Refinancing




Archbold Village Council will seek bids for the refinancing of $5.35 million in debt, in an effort to save money on interest payments.

Dennis Howell, Archbold village administrator, said the Federal Reserve had lowered interest rates four times recently, which could mean reduced rates in the market.

Requests for proposals will be sent to Farmers & Merchants State Bank and Huntington Bank, along with Hilliard-Lyons, a Kentucky-based investment services firm.

Council originally financed $6.4 million through F&M Bank in July 2007 for five years at 4.35%.

Howell said the five-year agreement can be broken with no penalty.

He said when dealing with several million dollars, even a small downward movement in interest rates can generate big savings.

The total $6.4 million figure represents $3.9 million for improvements to the village wastewater treatment plant, plus $2.5 million for the construction of Woodlawn Park.

Village officials plan to pay off about $1 million in debt, composed of about $1 million toward the wastewater debt, plus $50,000 on the park debt.

Council also approved the fi- nal change order for the 2007 sidewalk project. The total cost was reduced by $780.28, representing changes in the amount of materials used.

Tax Board

Council also discussed a change in membership to a board that hasn’t met in 17 years.

Howell said the village Income Tax Board of Review was established to handle appeals of the decisions of the village tax commissioner.

The board last met in 1991.

Council’s finance committee considered the current makeup of the board and decided that one position should be someone elected to office, rather than the clerk of council. Under a proposed change, the mayor would appoint a councilman or other elected person to the position.

Howell said a law firm is currently writing legislation to change the position.

Howell presented council with the finance report. He said two street department employees were now maintaining the village vehicles, saving the village quite a bit of money.

Letters

Council also reviewed a letter of support for the Archbold Area School District proposal to erect a wind test tower, one of the steps toward the possible construction of an electricityproducing wind turbine.

Council also reviewed a letter to the Public Utilities Commission of Ohio protesting a Toledo Edison rate hike, plus a letter from Ohio Gas, announcing a 15.34 cents-per-100 cubic feet increase in the price of natural gas.

Also, council reviewed a letter to the Ohio Department of Transportation complaining about the condition of the pavement of South Defiance Street, from the Norfolk Southern railroad crossing south.

Kevin Eicher, councilman, said he saw an ODOT official in town recently, taking photographs of South Defiance Street.

Park Parking

Brad Grime, councilman, said a resident had complained about lack of parking at Northpointe Park.

A new home is being built near the park, and its driveway will reduce the spaces available along St. Anne St.

Kevin Morton, councilman and council park board liaison, said there is space near the sledding hill set aside for a parking lot, but the lot has not been built.

Grime asked if a temporary lot could be established.

That matter was referred to Park Board, which met last night, Tuesday, April 8.

All councilmen were present, and all votes unanimous. Next council meeting is Monday, April 21, 7 pm in council chambers.- David Pugh


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