Council considers bond refinancing
DANVILLE — The full city council this week will consider authorizing city officials to examine the refinancing of 2001 general obligation bonds.
The original $12 million bonds were taken out for the Baum Building demolition costs and sewer, civic center and other projects, according to City Comptroller Gayle Lewis.
The bonds now total $4.25 million.
Benefits could include saving the city about $130,000 to $140,000 to pay down the bonds more quickly and a lower property tax levy.
City officials are setting a minimum refunding savings target of 3 percent present value savings as a percentage of the bonds refunded in the bond ordinance.
If there is not a 3 percent savings, the refinancing won’t occur.
Lewis said the tax levy also could be $20,000 to $30,000 lower with the refinancing.
In other business, the council will consider a budget amendment for the law enforcement grant fund budget, and an agreement for voluntary dental insurance for city employees and retirees with The Guardian.
COMING UP
The Danville City Council will meet at 6 p.m Tuesday at the Robert E. Jones Municipal Building, 17 W. Main St. A special Public Works Committee meeting will be at 5:45 p.m. to discuss mass transit liability insurance.
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In other business, the council will consider a budget amendment for the law enforcement grant fund budget, and an agreement for voluntary dental insurance for city employees and retirees with The Guardian. The Danville City Council will meet at 6 pm
Three special use permits have been requested, to operate a restaurant at 1013 South Main St.; to build an entrance to Averett University's Main Hall that does not meet current setback requirements; and to build a dentist's office at 4035 Riverside
Area dentists Dr. George Zundo, Dr. Jane Cooney, Dr. David Sawyer and Dr. Richard van Burk will volunteer their time to complete the screenings. The Danville District Dental Society provides the volunteers. “It's important to help the local community,”
Entertainment News from AP Danville, VA – PATHS Community Medical Center offered free health screenings Friday in an effort to promote community health centers during National Health Center Week. PATHS, Piedmont Access To Health Services,
BY JENNIFER BAILEY Commercial-News DANVILLE — A lower property tax levy and a quicker payback for bonds are two benefits city officials hope to see with the refinancing of some general obligation bonds. The city council's Public Services Committee
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