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City of Beloit will consider refinancing to save money
By Sara Siekierski
Daily News staff writer
The City of Beloit could save another $124,000 through a proposal to refund the Taxable Lease Revenue bonds used to fund capital improvements of the Gateway TIF District and replace them with new bonds issued at lower interest rates.
The city's financial adviser, Ehlers and Associates, compared the city's debt against current market conditions and found it favorable to refund the bonds and replace them with bonds at a lower interest rate, Beloit City Manager Larry Arft said. The recent interest rate reduction by the Federal Reserve and the condition of the financial markets could save the city money on future debt payments, according to Ehlers and Associates.
At its meeting Monday, the City Council will consider an initial resolution authorizing the issuance of Taxable Lease Revenue Refunding Bonds in an amount not exceeding $3.2 million. Arft emphasized that the $3.2 million is not new debt, only the issuance of new bonds at a lower interest rate.
The Beloit Community Development Authority will have to approve the bonds prior to the City Council.
The City of Beloit staff also is proposing three zoning text amendments related to the city's floodplain zoning. Arft said this is a routine update to the city's floodplain and is required in order for Beloit to continue to receive federal funding of local programs and for residents and property owners to be eligible for flood insurance. Arft said the updates are not related to recent flooding.
The first amendment would renumber Article 5 of the Zoning Ordinance to be more user-friendly. The second would repeal and recreate the city's model Floodplain Ordinance from Wisconsin Department of Natural Resources. The ordinance controls development and use of floodplains and rivers in the city in order to protect life and property and minimize expenses due to flooding. The third amendment would repeal several floodplain definitions and update old ones.
The amendments will be proposed before City Council and referred to the Plan Commission. A public hearing on the amendments will be held at the Plan Commission meeting at 7 p.m. Wednesday in the City Hall Forum.
The City Council meets at 7 p.m. Monday in the City Hall Forum.
The city's financial adviser, Ehlers and Associates, compared the city's debt against current market conditions and found it favorable to refund the bonds and replace them with bonds at a lower interest rate, Beloit City Manager Larry Arft said. The recent interest rate reduction by the Federal Reserve and the condition of the financial markets could save the city money on future debt payments, according to Ehlers and Associates.
At its meeting Monday, the City Council will consider an initial resolution authorizing the issuance of Taxable Lease Revenue Refunding Bonds in an amount not exceeding $3.2 million. Arft emphasized that the $3.2 million is not new debt, only the issuance of new bonds at a lower interest rate.
The Beloit Community Development Authority will have to approve the bonds prior to the City Council.
The City of Beloit staff also is proposing three zoning text amendments related to the city's floodplain zoning. Arft said this is a routine update to the city's floodplain and is required in order for Beloit to continue to receive federal funding of local programs and for residents and property owners to be eligible for flood insurance. Arft said the updates are not related to recent flooding.
The first amendment would renumber Article 5 of the Zoning Ordinance to be more user-friendly. The second would repeal and recreate the city's model Floodplain Ordinance from Wisconsin Department of Natural Resources. The ordinance controls development and use of floodplains and rivers in the city in order to protect life and property and minimize expenses due to flooding. The third amendment would repeal several floodplain definitions and update old ones.
The amendments will be proposed before City Council and referred to the Plan Commission. A public hearing on the amendments will be held at the Plan Commission meeting at 7 p.m. Wednesday in the City Hall Forum.
The City Council meets at 7 p.m. Monday in the City Hall Forum.
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