Monmouth College will save significant interest payments by taking advantage of low interest rates. It will refinance a bond issue. The college used a portion of the city's bonding authority to pay for construction of Bowers Residence Hall
The $6 million building was completed in 2001.
City Administrator Eric Hanson says the city had to approve the change before the bond counsel could move forward.
He says, “It dramatically reduces their interest rate over several years ago. But it doesn't really have any ramifications for the city.”
Monmouth's city council and the firefighters union each ratified the three-year contract by a unanimous vote.
Firefighters will receive a 2.5% pay raise each year of the deal.
The city and the union each wanted similar changes in the time-off policies. The city wanted to reduce overtime. The union wanted to reduce the likelihood firefighters would be called in on their days off.
City Administrator Eric Hanson said the major change was to vacation policy.
Monmouth residents often see a bright flare in the north part of town. It's a burner that keeps excess methane from building up at the city's waste water pre-treatment facility. Someday, it might produce electricity.
City Administrator Eric Hanson said the 15 year-old burner had to be replaced recently. He said the city has installed one that could be part of an energy-generating system.