The City of Verona approved initial resolutions Monday night that are expected to save almost $300,000 over 10 years.
Taking advantage of lower interest rates, it made plans to refinance bonds and notes issued in 2000, 2001 and 2002 and a state trust fund loan taken out in 2006.
The refinance, using 10-year bonds, will likely extend the repayment period of the 2006 loan by as much as to four years, but it was for the library, which is expected to last much longer than 2015, the original amortization date. The earlier loans will not be extended more than a year or two.
The move won't be final until April, after the city's financial advisers find buyers for the bonds and put together paperwork.
Fixing the rules
The city also revised its truancy ordinance to give police the power to enforce the violation.
Police chief Bernie Coughlin explained that police rarely exercise the rules, generally leaving it to schools to work out. He said police are generally called "as a last resort" and only when the school has already made multiple attempts to resolve a situation.
Ald. Rick Streich, a Department of Corrections supervisor, noted that the language essentially copies the state's truancy policy.
Walgreen's claims again
Walgreen's is continuing its claims that the city has assessed it improperly.
A few months after essentially winning a lawsuit and forcing the city (and other taxing bodies) to cough up $63,000 for excess taxes in 2007 and 2008, it has contested the 2009 assessments, claiming it was overcharged by about $17,000.
The Common Council plans to discuss the issue March 22.
