Oneonta reissues two bonds, saves $172,000

by Jim Kilgore

The Oneonta City Council voted unanimously last week to reissue two warrants to take advantage of lowered interest rates. City manager Ed Lowe informed the council the action should save the city almost $172,000 by the 2024 maturity date. Mayor Darryl Ray emphasized that the action does not extend the loan period nor increase the loan amounts. The issued amounts total more than $4.8 million.

In order to act immediately, the council suspended the state requirement that councils consider resolutions and ordinances over two meetings. The council had indicated its intention to reissue at its Sept. 27 meeting, following approval of its 2012 budget.

Lowe advised the council of two airport improvement grants. The smaller, $17,210 – award requires no match; the larger requires a 50/50 match of $18,795, already listed in the city budget.

The beautification board awarded its monthly recognitions to Justin and Bonnie Peavy ( residential) and to Erica’s (commercial).