City officials have used the company to consult on its bond debt for more than a year.
A public hearing on the bond issuances is
The city is refinancing the two bonds, which will be paid off in six years, with an average yearly payment of about
The city also is issuing "new money," Squires said, or about
The bond issue will be financed during a 25-year period and therefore have a higher interest rate, which Squires estimates at 3.25 percent.
Squires said the payments for the new money correspond to several capital project schedules. They range from a high of
The bond rating call at Moody's Investor Service is scheduled for today. Squires said he thinks the city will retain its A2 rating. The rating will determine the interest rate the city will pay. The determination will be finalized before the
Moody's will consider the city's proposed budget for fiscal year starting
The plan worked out keeps new capital projects to about
Moody's likely will be satisfied with what the city has accomplished in the last year, such as cutting expenses, paying down debt and increasing the general fund balance, Squires said.
They likely will recognize the city's inability to control expenses related to emerald ash borer, he said, and decreases in revenue from sources such as local option sales taxes.
Squires did caution city council that Moody's evaluation of extending the sewer separation project and associated debt may be further scrutinized.
"There are a lot of costs you are waiting to receive that they may have to look at," he said.
The city also has not received an official OK from the
"We're paying the same amount of money but at a lower rate," she said.
Fleming said he thought the tax should be higher.
Squires noted: "If it were higher you'd be able to pay off debt more quickly and the general fund debt more quickly."
No other comment was made by on the property tax hike figure.
A public hearing on the budget, which will be published with the
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