Valparaiso looks to save money by refinancing old debts

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Updated: February 28, 2012 8:08AM

VALPARAISO — The city hopes to save $20,000 a year and up to $270,000 total by refinancing its debts.

The City Council this week approved issuing new general obligation bonds to pay off the 2002 and 2005 bond issues it owes on.

The city owes $2.09 million on the first set and $1.265 million on the 2005 set.

John D, Julien of H.J Umbaugh and Associates in Michigan gave the savings amounts to the council members at Monday’s meeting.

Julien said the bond financers will be ready to price the bonds next week.

The money saved is from the current low-interest rates.

The city took care of a number of financial situations at the meeting, including preparing to use the last of its Major Moves money.

The $241,543 that Valparaiso has left from the Indiana Toll Road lease will go to make improvements at the intersection of Evans Avenue and Sturdy Road.

The council will have a Feb. 13 public meeting about use of the money.

The Board of Works already approved the work for the four-way stop intersection, which council member John Bowker noted gets congested whenever a train travels the Canadian National tracks just to the south.

The intersection will be upgraded similarly to the Evans intersection with Silhavy Road, City Administrator Bill Oeding said.

The city will install traffic signals and improve drainage.

Sturdy will get left-turn lanes, and the utility pole at the southwest corner will be removed, making turns easier.

City engineer Adam McAlpine previously said the work should take two to three months.

Oeding said any money left from Major Moves would go to asphalt improvements around the city.

“Our goal is to deplete the Major Moves funds,” Oeding said.