Special City Council session at noon Friday at City Hall

The Greencastle City Council will meet in special session at noon Friday, June 15 at City Hall.

The meeting is slated specifically for second reading and the potential adoption of Ordinances 2012-7 and 2012-8 relative to the refinancing of the city's outstanding waterworks and general obligation revenue bonds.

Piper Jaffray and Co., Indianapolis, has arranged for those bonds to be purchased by Bank of America at 2.0 percent rate.

The refinancing is expected to yield a $440,000 savings for the city over the remaining 10-year period of the bonds, while wiping out an entire year of debt service on the general obligation bonds.

Councilman Mark Hammer noted that "$440,000 over a 10-year period is a lot of money. I don't see a downside to this."

City Attorney Laurie Hardwick agreed.

"I don't know why we wouldn't do this," she said prior to first reading Tuesday night.

The bond sale to Bank of America is due to close on June 26, which prompted the need for the special session Friday after first reading on both bond issues was approved unanimously.