OBERLIN – In a special meeting Thursday morning, February 25, the Oberlin Council agreed to continue moving forward to refinance its sewer bonds at a lower interest rate in an attempt to save the town money.
At the meeting, an ordinance was introduced stating the town’s intent to pursue re-financing several sewer bonds at a lower interest rate. The ordinance provides for a public hearing on the matter at the town’s March 8, meeting at 6 p.m.
The refinancing of the bonds will not exceed $2.5 million. Butler Snow LLP, the bond counsel for the town, are working to refinance the following four bonds:
•Series 2003 dated January 28, 2003, for $1,687,000.
•Series 2005 dated August 16, 2005, for $280,000.
•Series 2007-A dated November 28, 2007, for $435,000.
•Series 2007-B dated November 28, 2007, for $435,000.
The bond counsel presented a debt service comparison for the present bonds and the refinanced bonds. If the process is completed, the bond counsel told the council its savings could total $425,535.35 over the life of the renewed bonds. The bond counsel will receive $26,000 for its services. If the bonds are not refinanced, the bond counsel will receive no payment for its services.
The state’s Bond Commission gave approval for the issuance of the bonds on December 17, 2020.
