City to save money through refinancing
Municipalities take out loans for large purchases like individuals take out mortgages for houses. However, they don’t always have the opportunity to refinance like homeowners do.
In a rare occurrence, the city of Dunkirk had the opportunity to refinance one of its long-term bonds at a lower interest rate, saving the city money.
Treasurer Mark Woods explained the interest rate on the 2008 bond is around 4 percent and the city could save around 2 percent on that.
“It will save the city $324,000,” he said.
The bond, which was “refunded” with the approval of resolution 37, is for the same term.
The purchase of a packer truck was also approved with resolution 34. The garbage truck costs just over $160,000, $60,000 of which will be paid with money obtained through scrap and the rest financed over three years at 4 percent interest.
The council tabled resolution 32, which would change the City Code to ban drinking on the ballfields. A public hearing was scheduled for Tuesday at 5:20 p.m.
Council approved resolution 33 for budget line modifications, resolution 36 for the state environmental quality review on the wastewater treatment project, resolution 38 authorizing a grant application for round two of the Western New York Downtown Revitalization Initiative, resolution to submit the 2016 Consolidated Annual Performance and Evaluation Report to the Office of Housing and Urban Development, resolution 43 accepting the electrical contract for the Benton Street pump station, resolution 44 authorizing engineering services for the Seel Street project, resolution 46 for engineering services of phase 2 of the wastewater treatment project and resolution 47 authorizing installation of a convenience outlet. These were unanimously approved without discussion.
Also approved were requests from the Northern Chautauqua County Youth Hockey Association to use the Wright Park basketball courts for the annual Street Hockey Tournament Aug. 19, for The Chautauqua Center to use Washington Park for the annual Family Fun Day Aug. 17 and for backpacks, from Catholic Charities WIC to use Washington Park July 25 for the Healthy Baby Festival July 25, for the Dunkirk City School District to close Pine Street on June 21 for the end-of-year School 7 picnic, for Iglesia Cristiana Clinica Del Alma Inc. to hold services in Washington Park Aug. 11 and Sept. 8, for the Lake Shore Street Rod Association to use the Koch’s, large and lower pavilions in Point Gratiot for the annual Harbor Cruise July 9, for Shauna Evanczik-Olrogg to have bounce houses near the lower pavilion in Point Gratiot June 24 and for The Resource Center/Filling the Gap Inc. to sell special-edition newspapers to benefit the Laurel Run July 15.
The only request not approved was for Iglesia Cristiana Clinica Del Alma’s service on the corner of Route 60 and East Sixth Street on June 23 due to safety concerns. It was noted a different location could be approved at the meeting on June 20.
Also part of the agenda were loudspeaker permits for Pastor Omar Cosme on Aug. 11 in Washington Park, James Muscato II on behalf of the DHS Class of 1987 for July 1 at Point Gratiot, Brooke Rasmus Gilbert for June 30 on Woodrow Avenue and Risel Martinez for June 10 and Aug. 12 in Point Gratiot.
Third Ward Councilman Adelino Gonzalez reported the “Floramo Plan,” also known as a rental regulations, will be on the agenda at the June 20 meeting despite staffing concerns in the building inspector’s office.
“I’m very proud to work with that with the attorney. We’re going to come up with a law that deals with the absentee landlords, with how these people deal with the city, with a register or to have a representative. Before they buy property, someone has to be present to do that. … Inspections will be part of it. We’re going to put it in whether they like it or not. The inspector said it would be a little more work for him, but hey, that’s his job. He’s just going to have to do it and that’s it.”