City retires $1.4 million in bond debt early

Early payoff projected to save $70,000 in interest fees

By Melanie Yingst - [email protected]

TROY — On Monday, Troy City Council unanimously voted to pay off $1.4 million in bonds early, which is projected to save the city $70,000 in interest fees.

President Marty Baker was not in attendance on Monday. President Pro-Tem Tom Kendall presided over the meeting with all members present.

The request was made by city auditor John Frigge to retire two bonds early for a combined payment of $1,415,000. The first bond amount is $880,000 (plus accrued interest fees) and was set to expire on Dec. 1, 2016. The final payment is included in the 2016 budget. The second bond in the amount of $535,000 is set to expire on Dec. 1, 2017, and will need funds to be re-appropriated.

At the end of the meeting, Frigge thanked council and city staff for voting to pay off the bonds early.

“I’d like to thank Mrs. Knight, (President Marty) Mrs. Baker and council members for taking quick action on authorizing us to pay off the two bonds early. It will save us a substantial amount of interest,” Frigge said.

The bonds were originally used to pay for the city’s water line extension and water system improvements in 1996 and 1997. The bonds were refinanced in 2005 to lower interest rates of 5 percent and 4 percent.

Mayor Michael Beamish expressed his sympathies for family, friends and the local education community for the recent loss of Chuck Barrett, a longtime educator and coach in Troy. Beamish also noted the many accomplishments of the Troy High School’s athletes over the weekend.

City of Troy’s Director of Public Service and Safety Patrick Titterington reported the Dye Mill Facility would be opening two weeks early this spring. The facility will open on March 14 to begin collecting brush and yard waste. The facility will be open from 11 a.m. to 7 p.m. Monday and Friday; 3 p.m. to 7 p.m. Tuesday and Thursday; 9 a.m. to 3 p.m. Saturday; and closed on Wednesdays and Sundays.

Titterington also reported the State Route 55 and Fenner Road signal project by Clopay was under budget and awarded to Bansal Construction for $189,052. The project estimate was approved for $275,000, which ODOT would reimburse the city $125,000.


City council’s unamiously approved the following ordinances on March 7:

• O-12-2016 accept final plat and dedication of right-of-way, Edgewater Subdivision Section 8

• O-14-2016 Declaring certain vehicles and equipment as surplus and authorizing sale of items

Five items will be listed for auction. The items include 1998 Ford Taurus sedan worth $1,000, 2010 Ford Crown Victoria worth $4,000, 2000 Dodge Intrepid sedan worth $1,000, 2003 Progressiv T-65 bat wing mower worth $1,000 and 1991 Grumman 600 gallon pumper fire truck worth $10,000. The vehicles will be listed on the GovDeals site.

The city recently offered for sale seven pole lights/globes that had been removed from the old Adams Street Bridge. A total of $4,165 was bid by five individuals, and the poles have been sold and picked up.

• O-15-2016 Dedication of Waterline Easements and Sanitary Sewer Easements, West Main Street and Stanfield Road in front of Meijer Store. The purpose of the easements is for the pending construction of a Chick-fil-A restaurant.


The following resolutions were unanimously approved on March 7:

• R-9-2016 Consent to assignment of water tower maintenance agreements from Caldwell Tanks Inc. to Utility Service Company Inc.

• R-10-2016 Resolution of necessity for Phase 9 of the Sidewalk Improvement Program. Council member Robin Oda asked when the engineering department would be contacting residents. Letters to residents will go out within two weeks. This phase includes the following locations: areas along South Plum, South Cherry, South Walnut and South Mulberry between Main and Franklin; South Market, South Walnut and South Mulberry between East Franklin and East Canal; and the area encompassed by South Market, East West, South Clay, Ross and South Mulberry streets, which include the following streets Young, Enyeart and Dakota.

• R-11-2016 authorizing bidding for the McKaig Road Improvement Project, $1,500,000 (first reading)

The project include roadway reconstruction from Madison Street (at the railroad tracks) to Lake Street. According to the committee report, $525,000 of the project cost will be funded by the Ohio Public Works Commission. The project did exceed the $1,215,000 original design estimate due to two-year old estimates, failure to include school sign signals and other factors.

Council member John Schweser asked if the project would improve the intersection of Ridge Avenue and McKaig.

“This project does not include any relocation of that intersection,” Titterington said.

Titterington said a reconfiguration of the intersection would be a future project. At this time, the project is currently engineered that when and if a realignment project is ever approved and financed, then the city would be able to easily access underground utility without tearing up the roadway.

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Early payoff projected to save $70,000 in interest fees

By Melanie Yingst

[email protected]

Reach Melanie Yingst at [email protected] or follow her on Twitter @Troydailynews

Reach Melanie Yingst at [email protected] or follow her on Twitter @Troydailynews

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