The Centerville City Council during their special meeting Wednesday at City Hall voted 4-0 to accept the resignation of Councilman Edwin Brand and by the same 4-0 vote approved a resolution declaring their intent to make an appointment to fill the vacancy created by Brand’s resignation.
The resolution describes how Brand came to be a part of the Centerville City Council and when he decided to not be a part. The resolution, read by Centerville Mayor Jan Spurgeon, said Brand was first elected in November 2011 to a two-year term in Ward 2. His Ward 2 term was set to expire at the end of 2013. Brand’s resignation letter was dated Nov. 6, 2013.
The resignation letter Brand submitted to the city reads, in part, “I believe it is only right that given the results of the election on November 5th, I step down and allow the newly elected candidates to immediately assume their offices.”
City Council terms run until the end of the year. Winning candidates are sworn in at the first of the new year.
In other action Wednesday, Nathan Summers, of Ruan Securities, briefed the council concerning financing for the East and West State Street and 10th Street paving project.
According to documents Summers presented to the council, the $4.5 million street paving project will be financed mainly by general obligation bonds. Even with this bond issue, the city of Centerville would still have nearly $4 million available in bonding capacity.
The proposed 2014 general obligation bond principal is $3,990,000 and interest on the bonds is $773,402.87 spread out over 10 years. The city’s prior debt service shows $1,170,000 in principal and $45,960 in interest for 2011 A and 2013 general obligation bonds set to be paid off June 1, 2018.
Getting to the $4.5 million total project cost is the addition of $600,000 in state funds.
The tax rate levy for the proposed 2014 general obligation bond issue starts at 1.43671 per $1,000 of valuation in FY 13-14 and ends at 4.55271 per $1,000 of valuation in FY 23-24.