BY KEN FRANCIS STAFF WRITER

 

 

Monday, the city council voted to pay off the Series 2012A General Obligation Refunding Bond early in the amount of $155,000  on July 1.

 

The original bond issue amount was $980,000 on May 1, 2012 for water infrastructure improvements. Without the early payoff, the debt would have continued through 2022.

 

The city also paid off two bonds early last year, the 2002 and 2003 Public Facilties Authority (PFA) Clean Drinking Water Revolving Loans, which  were carrying balances of $231,000 and $69,000 respectively. Both those bonds went through 2022.

 

The city couldn’t combine the 2012A bond with that payoff because the call date didn’t come up until Feb. 1, of this year, said Administrator Kevin Kress.

 

The city will save $7,829.58 in interest payments with the early payoff.

 

Kress said there is enough money in the Water Enterprise Fund to cover the payoff. He estimated the current balance at about $900,000.

 

 

The council voted to ratify a pension increase for the Clearwater Fire Dept. Relief Association.

 

Brandon Hanebuth of the fire department said members voted in January to increase the annual payout from $1,450 to $1,550 per firefighter.

 

Because it is a city department, the council is required to ratify the increase. Hanebuth said that means the city is required to cover any deficit in the fund.

 

“If for some reason a catastrophic event happened tomorrow, and every firefighter had to be paid out, the city has to sign off to cover any difference,” he said.

 

Currently, the fund is covered at 102.8%, which means there would be no additional payout by the city.

 

Clearwater firefighters must put in at least 10 years to receive a 50% pension. They are fully vested at 20 years, said Hanebuth.

 

 

* Approved a temporary On-Sale Liquor License and temporary gambling permit for a raffle for Rejoice Lutheran Church for its Fall Festival Sept. 29;

 

* Approved a temporary On-Sale Liquor License for the Clearwater Lions for the Heritage Days Festival Aug. 3-4 and St. Luke’s Parish Festival Aug. 26;

 

* Passed a joint resolution with the City of Clear Lake authorizing the leasing of land at the sewer authority site;

 

* Agreed to waive the  permit fee for Sportsman’s Park Pavilion rental, special event fee and sign permit fee for the Kayleen Larson Legacy Foundation 5k Run Sept. 15;

 

* Appointed Robert Yurch to the Clearwater Planning & Zoning Commission;

 

* Authorized the park commission to develop and purchase park rules signs;

 

* Approved the sale of 515 Spring Street at $10,500 following a bid process on the Bid2Buy online site.