Howard Lake Herald, February 16, 1998

Waverly looks at refinancing bonds


The Waverly City Council heard a proposal Tuesday from Bob Ehlers, Ehlers and Associates, Inc., for a plan to refinance the city's outstanding Rural Community Development Loans.

According to Ehlers, the bonds can be refinanced at today's market rates and generate $38,693 in savings, which is net after all refinancing costs.

Considering the size of the savings, Ehlers said it would be worthwhile to pursue the refinancing. The council agreed.

Ehlers also reminded the council that he can't do much in the way of long-range planning until the council does its homework assignment.

That assignment was to make a wish-list of city needs and to prioritize that list.

He proposed a meeting with an economic development expert from his firm in the future in response to a council question about a redevelopment district for the city.

This person could talk to the council about the mechanics of that project and about Tax Increment Financing.

Maintenance report

Maintenance Supervisor John Rassat said the televising of the sewer lines was done on Hwy. 12 on Jan. 29.

Unfortunately, the lines were so clogged with mineral deposits, that the camera could only go 400 feet.

"It was like the golden arches at McDonalds," he said.

There were some leaks, he said, but the worst part was the mineral build-up.

He explained that a company could come in with a machine and break up all those deposits. Then the lines could be vaccumed.

If the sewer lines are cleaned first, then televised, Rassat said there might be an option of relining the pipes.

Rassat estimated that cost at $80,000-100,000.

Cleaning, vaccuming, and regrouting pipe would run $40,000-$50,000, and total replacement would cost from $140,000-$170,000.

Council members will discuss these options and make a decision before the Hwy. 12 project comes through the city.

Rassat said inspections for the sump pumps have turned up eight that are incorrectly installed.

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