by Joseph Back

It was over quick. In just under 15 minutes flat, the Village of Ellsworth Finance, Purchasing, and Buildings Committee voted to approve the refinancing of taxable general obligation corporate purpose bonds of series , followed with a decision to table discussion on the local five-year expense plan “until a later date,” it was made known by Village President Gerald De Wolfe.

“I’m going to call this meeting adjourned,” he said after Village Administrator/Clerk-Treasurer Nicole Stewart said that Public works director Greg Engeset was on vacation and that she hadn’t had a chance to speak with village police chief Eric Ladwig as of the February 11 meeting that began at 4:45 p.m. Before it was over though, there was plenty to talk about.

“Most of the bids were in the two percent range,” senior municipal advisor Sean Lentz of Ehlers Inc. said for refinancing the village’s general obligation debt. With a ten-year fixed interest rate of 2 Vi percent possible, Lentz said that Ellsworth could net just over $68,000 in repayment savings.

With a current low-interest environment but no extra money put in the fund to repay the debt, a new call date on the loan was set for four to five years from the present. After some procedural details it was time to vote!

“We have a motion and a second to refinance the loan,” DeWolfe said after seconding Trustee Michael Steele’s motion to bid the loan from 2012. Having made it through committee, the refinancing is set to be addressed by the Ellsworth village board again at its March 1st meeting.