Hanover to save $117K by reissuing sewage bond
Wednesday, December 05, 2012 10:00 AM
The town of Hanover will save about $117,000 by reissuing its bond for the sewage treatment facility renovation project.
The Hanover Town Council on Tuesday unanimously amended an ordinance to select Hilliard Lyons as its bond representative for the next four years. Hanover has about $955,000 to pay on the bond, but the reissue takes the interest rate from 4 percent to 1.7 percent.
The town began expanding the plant in 2003 and finished the project in 2005 for a cost of about $2 million.
"We were expecting to save around $76,000, and we ended up saving around $117,000 over the duration," Council President Debbie Kroger said.
"Which is only four years," town attorney Wil Goering added. "So, you're saving $25,000 or $30,000 every year, which I think is huge."
In other business:
The town selected Dave Collier as its representative for the Southeastern Indiana Planning Commission, which meets quarterly. Residents can be qualified to sit on the board if they live or work in the town, Goering said.
The town reminded residents that they will see an increase in water and sewer bills for the January billing period.