The Richmond Register

Local News

November 17, 2012

City commission moves to take advantage of low interest rates

RICHMOND — Seeking to take advantage of historically low interest rates, the Richmond City Commission began action Tuesday to finance the purchase of new police cars as well as refinancing an existing bank loan and selling bonds at what it hopes will be a lower rate than some existing bonds.

The commission heard first reading of ordinances that will:

• Authorize borrowing of up to just over $1.21 million from U.S. Bancorp at 1.15 percent interest for five years to purchase police cars

• Authorize borrowing nearly $2.27 million from Fifth Third Bank at 2.39 percent for seven years to refinance infrastructure improvements in the city's industrial park. Although the interest rate is virtually the same as the existing loan, it is set to expire in one year and the new loan will lock in the low rate.

• Authorize the selling in over $2.3 million in municipal bonds to replace existing bonds which had been sold when rates were higher. The bond sale may take place after the ordinance is passed second reading.

The commission also agreed to pay up to $8,750 to Alpha Environmental Contracting for the removal of asbestos from seven homes scheduled to be demolished as part of Tipton Court Community Development project.

In personnel actions, the commission:

• Hired Rachel Kathleen Bauer as a police officer at $16.41 an hour. Her employment will begin in January when she will begin 18 weeks of training with the state Department of Criminal Justice Training. If she joins the force and no other officers leave, the department will have 58 officers, two short of its budgeted strength, according to Chief Larry Brock's recommendation to hire Bauer.

• Hired David F. Mauck as storm-water enforcement officer in the Planning Department at $13.46 at hour

• Hired Elmer L. Cody as a Public Works Department laborer at $8.25 an hour

• Hired Lisa Marcum as a full-time secretary for the Section 8 Housing Department at $8 an hour

• Transferred Bonnie Eckler and Althea Causey from the finance to the human resources department

• Contracted Rose Rex to be the city's Main Street coordinator at $1,000 a month

• Accepted the resignation of Aaron Owens from the Public Works Department. He has been hired by Richmond Utilities.

During t he commissioners' comment time, Commissioner Robert Blythe expressed reservations about the longevity raises recently granted to employees in the federally funded Section 8 housing program run by the city. The city had done away with  longevity raises for its employees, he noted. The Section 8 program also had given its employees “substantial raises every budget year,” Blythe said, while other city employees had gone several years without raises of any kind.”

Mayor Jim Barnes said Section 8 employees' pay is set by the federal government, which provides all of the program's funding. And, if the city moved to limit the employees' pay, the federal government would reduce Section 8 funding in Richmond.

Barnes said he shared Blythe's reservations, but the city's hands were tied in the matter. Commissioner Donna Baird said she concurred with Blythe and Barnes' sentiments.

1
Text Only
Local News
AP Video
Disabled Veterans Memorial Nearing Completion Last Mass Lynching in U.S. Remains Unsolved Home-sharing Programs Help Seniors Ex-NYC Mayor: US Should Allow Flights to Israel Clinton: "AIDS-Free Generation Within Our Reach" Judge Ponders Overturning Colo. Gay Marriage Ban Airlines Halt Travel to Israel Amid Violence NYPD Chief Calls for 'use of Force' Retraining VA Nominee McDonald Goes Before Congress Bush: Don't Worry, Sugarland Isn't Breaking Up US Official: Most Migrant Children to Be Removed Police Probing Brooklyn Bridge Flag Switch CDC Head Concerned About a Post-antibiotic Era Raw: First Lady Says `Drink Up' More Water Courts Conflicted Over Healthcare Law Holder Urges Bipartisanship on Immigration Raw: Truck, Train Crash Leads to Fireball US Airlines Cancel Israel Flights Obama Signs Workforce Training Law Crash Victims' Remains Reach Ukraine-held City
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Poll

What county fair attraction do you like most?

Amusement rides
Beauty pageants
Flora Hall craft exhibits
Horse shows
Livestock, poultry shows
Truck, tractor pulls
Mud, dirt races
Gospel sing
I like them all
     View Results