Council Considers Bond Refinance

DAYTON—Senior Vice President of D/A/Davidson and Bond Underwriter Jim Nelson was on hand at the Aug. 8 city council meeting for a bond financing discussion.

The city is looking into refinancing two forty-year USDA loans with revenue refunding bonds in order to take advantage of historically low interest rates. Nelson outlined scenarios for the Phase I loan, 4.25% and Phase 2 Loan, 4.50%, which could each be refinanced at approximately 2.70%, and which could yield a potential net savings of 84,533 and $455,403.00, respectively, with earlier payoffs.

Nelson also discussed the positive implications for combining financing for big projects, such as streets, water and sewer, into one bond for economies of scale. Nelson said, “Go for public works trust fund loans and grants first, and then bonds.”

Further discussions with Nelson will take place with the city council finance committee, as requested by councilwoman Delphine Bailey.

The City of Dayton’s code compliance officer, Clint Atteberry, was also on hand to promote the idea of Dayton partnering with the Columbia County Sheriff’s Office in the “If You See Something, Say Something” Homeland Security campaign. The campaign raises awareness of indicators of terrorism, and emphasizes the importance of reporting suspicious activity to local law enforcement.

When asked about a correlation between nuisance abatement and crime, Atteberry said, “We can hit it from all angles. Let’s get everybody on the same page.”

According to Atteberry, all the materials for the program are free, including flyers and public service announcements. The council gave their approval for the partnership.

City Planning Director Karen Scharer, said the Washington State Department of Commerce has agreed to an expedited process for delisting the local register South Side Historic District and the local register Washington Street Historic District.

Comments from the public, and comments from the Washington State Department of Archaeology and Historic Preservation are to be entertained at a special city council meeting slated for 6 p.m. on Aug. 15, after which the city council can adopt Ordinance 1899, dissolving the two historic districts, according to Scharer.

Mayor Craig George reported that he will be meeting with Anderson Perry engineers about concerns they have about a problem in the water system under the street that could significantly impact the South First Street road project, which is slated to begin in 2017.

A public hearing was also held at the meeting to consider surplus of real property located 120 feet east of North Willow Street and 140 feet north of West Dayton Avenue. Property owner Hubert Russell asked the council to consider returning the property to him. He said his grandfather deeded the land to the city for one dollar, for use as an access corridor, which was never utilized. No action will be taken until the next city council meeting on August 15.

The council also passed Resolution No. 1284, establishing an inter-fund loan in an amount not to exceed $10,000, to meet limited right of entry and/or abatement of properties deemed by the city to be a threat to public health, safety and welfare.