Council votes to approve loan
The Watertown Common Council approved the issue and sale of $3,115,000 general obligation promissory notes during its meeting Tuesday in the council chambers of the municipal building.
The city plans to borrow $2.5 million for capital projects in the 2019 budget and refinance $615,000. The true interest rate for the city will be 2.39 percent.
“This is lower,” Mayor John David said about the interest rate, which was originally estimated a little over three percent and why the general obligation promissory notes was approximately $3,145,000. “We’re going to save almost $170,000 in interest.”
Director Michael Clark of R.W. Baird presented the common council with the final copy of the report. He said the city has a bond rating of Aa3.
A number of resolutions were approved by the common council.
One resolution is an agreement with Symbiont Science, Engineering and Construction, Inc. for services related to investigation biogas utilization opportunites for $14,925.
The common council adopted a public participation plan for the update of the City of Watertown Comprehensive Plan. The Watertown Plan Commission has scheduled a public hearing on Thursday, March 21 for residents to comment on this plan at the Watertown Senior Citizens Center, 514 S. First St.
Another resolution is an agreement for the Storm Water Utility 2019 Rate update and Best Practices Review with Ruekert Mielke for a total of $21,870. Funding will be coming from the Storm Water Utility Outside Services.
The common council amended a contract with Refrigerant Depot LLC to include all of the city’s white goods with Freon and batteries.
“By including all the white goods, Refrigerant Depot, LLC will no longer charge the city for white goods with Freon nor will the city be charged for recycling of white goods,” according to the resolution.
White goods include appliances such as washers, dryers and refrigerators. This resolution will go into effect immediately.
The common council will enter a contract with IT Advocate to provide Information Technology Coordination Services for 2019.
No one from the public spoke during the public hearing about amending a chapter in the floodplain and shoreland-wetland zoning, adopting the FEMA Letter of Map Revision for Dodge County.