WMC bond issue on Westminster agenda tonight

December 13, 1993|By Staff Report

Western Maryland College's plan to reduce interest costs by refinancing a bond issue is scheduled to go to the Westminster City Council for approval tonight.

The council will meet at 7 p.m. in the Westminster fire hall on East Main Street.

Other items on the agenda include action on rules that would allow merchants to place sandwich board signs on sidewalks, but would bar neon or flashing lights; and a proposal to increase the minimum charge for restoring water service after it is cut off from $10 to $50.

City Public Works Director Thomas B. Beyard said the city has the legal authority to charge its actual cost but historically has billed customers only the $10 minimum set by the city code. He estimated the actual cost at $50.

Western Maryland College needs city clearance for its plan to refinance a $6.25 million bond issue, because the council provided tax-free status for the bonds. The "loan" of tax-free status allowed WMC to obtain a lower interest rate on the bonds.

The college sold the bonds in 1991 to finance construction of the Hoover Library.

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