Glasgow City Council members met on Jan. 12 and discussed, among other things, the acceptance by the city of Beltline Boulevard. Gage Wilson/for Glasgow News 1
By GAGE WILSON
for Glasgow News 1
Glasgow City Council members approved a refinancing plan Monday night that could save the city approximately $280,000 by taking advantage of lower interest rates on bonds issued more than a decade ago.
The refinancing applies to 30-year bonds issued in 2013 at a 4.8 percent interest rate. Baird Managing Director Chip Sutherland told council members that refinancing the debt would lower the rate by about one percent, generating long-term savings for both the city and the Glasgow Water Company.
“We would be lowering the interest rate on the city and water company’s debt…, netting savings of around $280,000 in today’s dollars,” Sutherland said. “It’s purely an economic refinancing.”
Sutherland noted that approximately $4.7 million of the original $6.5 million bond issue remains outstanding and that, if approved, the bonds could be sold by early February. Glasgow Water Company Finance Manager Jeff Reed confirmed that the refinancing would not extend the term of the debt.
“We’re just saving money on our debt service,” Reed said.
With minimal discussion, the refinancing ordinance passed on second reading.
Beyond financial matters, council members wrapped up action on a revised code of ethics, giving final approval to amendments made since last month’s meeting. The changes bring Glasgow’s code into alignment with updated guidance from the state legislature, though city attorney Rich Alexander previously noted that the city had already begun reviewing its policies before the state recommendations were issued.
“If we were to approve this, this copy will become law and we will also have the clerk put it online so that it can be accessed in its final form,” said Mayor Henry Royse.
Much of the prior discussion centered on how the code addresses communication by elected officials, particularly through personal social media accounts. Language that would have limited individual council members’ online activity was removed after state guidance indicated such restrictions could not be enforced.
No further changes were proposed before the ordinance received approval on second reading.
The council members also gave final approval to an ordinance accepting a 1,400-foot section of Beltline Boulevard near the Beaver Valley Road and New Bowling Green Road intersection. The property, part of the South Cooper Industrial Park, had previously been reviewed by the Planning and Zoning Commission and was brought into the city limits following the second reading.
The next meeting of the council is scheduled for Jan.26.
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