Lyons Town Council continues to discuss bond refinancing

The Lyons Town Council met in regular session at 5:30 p.m. Tuesday evening to hear more from John R. Gregg on behalf of Umbaugh and Associates and address a few brief items.

In November, Gregg, as a partner with the law firm ICE Miller, LLP of Indianapolis, and John Seever with Umbaugh & Associates, approached the council to discuss the possibility of refinancing an outstanding bond. After comparing the proposal to other refinancing options, the council decided to not make a decision during the session but to continue taking a closer look at the proposal.

In November, Gregg pointed out that the town of Lyons had an outstanding 4.5 percent note in rural development to be paid off by 2047--in current payments, $147,000 a year. Gregg and Seever recommended a new bond issue at 3-3.5 percent fixed rates, resulting in an annual payment of $131-132,000, saving $10,000 a year over the next 30 years, and $194,000 in net present value savings. Gregg reiterated, during the February meeting, that the town stands to save around $70,000 over the payment period.

Scott Powers requested that Greg call the council back with attorney and accounting fees and whether the town could manage to get a ten percent discount.

Powers also said he discovered that the town of Lyons does not have its own burn ordinance, but still falls under existing ordinances at the state and county level, which prohibit the burning of trash and limits burning to clean wood. The town has given local police the green light to write county tickets to offenders.

Council members also learned that the new public safety tax has provided the town with $2,677 for the month of January, and will provide roughly $30,000 for the town by the end of the year. No decisions on using the funds were made during the public meeting.

The town has delivered its Community Crossings agreement for blacktop to INDOT Vincennes, with paving intended to take place in the spring and summer.

The town of Lyons is also accepting applications for police personnel. Applications can be sent to P.O. Box 267 in Lyons.

The next regular meeting of the Lyons Town Council will be held Tuesday, March 13 at 5:30 p.m. in the Lyons Community Building.