Bonne Terre may save thousands by refinancing

Bids for Church Street improvement due today

By TERESA RESSEL\Daily Journal Staff Writer

BONNE TERRE - The city will be able to save $328,200 over the next 13 years by refinancing 1999 certificates of participation.

During a special council meeting Tuesday, Joy A. Howard, principal for WM Financial Strategies in St. Louis, said by doing this now, the city could save $328,000 over a period of 13 years - an annual savings of $23,000 to $29,000.

She said Commerce Bank is the purchaser of the certificates and they still have some available.

City Manager Ron Thomure said when the certificates were issued in 1999, the interest rate was a lot higher. He said the rate averaged at 5.8 percent while the new rate will be an average of 3.8 percent.

Thomure said by doing this, it will also free up $93,000 that was in the reserve account. This money can be used for capital improvements this year.

Also during the meeting, the council selected the low bidder, Stewart's Spreading of Illinois, to do a biosolids removal from the city's four lagoons. The sludge will be spread on land in Leadwood owned by the Doe Run Company. The project is expected to cost $60,000 to $70,000.

Thomure said from now on, they will budget $25,000 each year to have the sludge removed every two years.

Thomure said the city had considered purchasing the equipment and adding another employee to do the sludge removal themselves. Thomure said he believes contracting out would be more beneficial to the city.

Also at the meeting, the council voted to submit an application for a grant to get enhancement funding for two proposed round-abouts, which will be part of the Old Orchard interchange.

The council also approved requests from Bonne Terre Church of God for an Easter egg hunt 3:30 to 5:30 p.m. April 15 in the city park; and a request from Applebees for a temporary liquor license at Heritage Hall April 7.

Thomure said bids are due for the Church Street improvement project today. Discussion of those bids will take place during the next council meeting to be held April 6 at Bonne Terre Memorial Library.

Archives Web Site Marketplace Obits Babies Jobs