The Italy City Council refinanced its 2002 bond Monday night at its monthly council meeting reducing the interest rate from 5.39 percent to 2.39 percent.

Nick Bulaich, representative with First Southwest of Fort Worth, is working with the city with the recent water bond project. Since he got the city a good deal on interest rates for that project, he advertised for the 2002 bond.

He received five proposals with interest rates varying from 2.39 percent to 3.15 percent. Houston Community Bank offered the lowest interest rate.

The council unanimously approved the ordinance (#11-1010-01), which will save the city $153,000 over the remainder of the loan. The 20-year bond, approved in 2002, will end in 2022.

The council also heard a representative from Yeldell, Wilson and Company who completed the 2009-2010 audit.

He briefly outlined the various city departments noting that overall the city beat their expectations. 

In other business, the council approved a resolution (#11-1010-01) allowing James Hobs, council member, to perform as a volunteer member of the Italy Police Reserves.

Teri Murdock, city secretary/administrator, said a council member who desires to work as a reserve on the police department must receive council approval.

The council also approve a resolution (#11-1010-02) naming the Waxahachie Daily Light as its official newspaper for fiscal year 2011-2012.

The council also cast their votes for Linda Alvarez to serve on the Ellis Appraisal Board of Directors for 2012-2013.

They also approved the sale of two police vehicles to the City of Milford for a total of $2,500. Murdock said the city has stripped one vehicle and neither was “very functional.”

Carl Cash, a resident of Italy, addressed the council regarding his water bill.

Mayor Frank Jackson said he should contact Becky Boyd with the city. He said the meter has been re-read and she would have the particulars regarding the update.

Department reports

The Italy Police Department received 179 calls to service in September. Officers made 14 arrests and worked 1,356 hours. The animal control officer worked 70 hours, impounded seven animals, issued four citations and six warnings. The code enforcement officer worked 10 hours and sent two courtesy letters.

Jackson said the public works department has been extremely busy repairing water leaks throughout the community.

The municipal court received 604 citations from the police department for the month. They cleared 25 warrants and sent 100 collection letters.

Murdock said she has been busy closing out the year and setting up accounts for the water bond.

The council also approved minutes from September meetings, bills and earned compensatory time.