Wednesday, October 27th, 2010

Celina's new credit rating to save city $40,000

By William Kincaid
CELINA - The city has acquired a better than expected credit rating, safety service director Rick Bachelor announced Monday night.
Earlier this month council members agreed to roll several debt issues into one long-term bond of $3.33 million, which recently sold. City auditor Emily Stewart said she thought the city would receive an interest rate of 3.45 percent.
However, the A-1 rating - equal to Mercer County and Lima - resulted in a lower than expected interest rate of 3.359 percent, Stewart reported. The city anticipated an A-2 rating.
Moody's Investors Service assigned an A-1 rating to the city's recent debt of $3.33 million in addition to the outstanding maturities of two series of the city's previously-issued general obligation debt worth $2.9 million.
The better rating means the city will spend $40,000 less than expected on the recent bond transaction.
Because the city is being proactive with its finances and has a reduction plan in place if the forthcoming income tax levy fails, it was awarded the rating, Stewart said.
"If the request is not approved, expenditure reductions will be implemented to prevent further deterioration in the city's finances," the Moody's report states. "The detailed list of expenditure reductions includes reducing up to 20 public safety positions, as well as reducing street maintenance and snow removal services."
Moody's believes the city's financial position will improve in the long term, but reliance on volatile income tax collections will remain a source of fiscal pressure for the city, the report said.
"The city of Celina's debt levels should remain affordable due to a rapid amortization rate and a lack of future borrowing plans," the report states.
Celina resident Don Kohnen asked Monday night about the city's total debt. Stewart said it is between $16 and $17 million.
Additional online stories on this date
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Subscriber and paid stories on this date
CELINA - The iron bear has returned from a trip to China where he trained with a martial arts master at Shoalin Temple in Henan Province.
David Weaver of Celina, co-owner of Iron Bear Martial Arts, met Shi Yong Xin, the abbot, who is recognized worldwide as a Buddhist martial arts leader.
Election 2010: Mercer County Treasurer
An incumbent and a local accountant are competing for the position of Mercer County treasurer in Tuesday's election.
Dave Kaiser of St. Henry, a Re
Mercer County ranks as the third lowest county in Ohio in September unemployment rates released today by the Ohio Department of Job and Family Services.
New Bremen
NEW BREMEN - Village council members Tuesday night voiced the need for another tornado siren in the wake of bad weather that blew through the area earlier in the day.
COLDWATER  - Coldwater Exempted Village Schools board of education members have set up a schedule for how to accomplish three main goals this school year.
Only one business submitted an application for a grant to subsidize the recycling of items collected by local residents.
The bid by Ohio Recycling of Chickasaw seeks a $62,000 grant to help the company recoup losses to process unprofitable materials from homes throughout Mercer County.
A Celina man faces weapons charges in the wake of an incident that occurred shortly before 2:30 a.m. today after Mercer County Sheriff's deputies responded to reports of shots being fired.
COLDWATER - A long time Coldwater floral shop has moved to the corner of state Routes 118 and 219.
Coldwater Flowers on the Corner, previously called Rogers Flowers and Gifts, was located at 119 W. Main St. for 60 years. During those decades it had three different owners.
CELINA - While street renovation has not been a friend to downtown Celina business sales, the Celina High School football team has stimulated purchases.
Division IV District Volleyball at Coldwater
COLDWATER - It will be an All-Midwest Athletic Conference district final on Saturday after Marion Local and St. Henry picked up semifinal wins at the Division IV district tournament at The Palace in Coldwater on Tuesday night.