The Munsey Park village board is considering a plan to refinance $1.5 million in outstanding bonds to free up funds for an additional bond that trustees said would be put toward improving the village’s infrastructure.
The board during its monthly meeting last Wednesday authorized a search for outside counsel to assist in the refinancing.
A firm will be selected and approved during the board’s December meeting, trustees said.
Munsey Park currently has a $200,000 bond payment due in May, which would reduce its outstanding balance to $1.3 million. The bond has a 4.1 percent interest rate.
Trustee John Lippmann said the village would be able to extend its current bond for a maximum of two years at lower interest rates, which he said would reduce its debt and make it easier to approve an additional bond.
He said the village has met with several firms but has not yet decided on which one it will select.
Sean Haggerty, the Village of Munsey Park’s deputy mayor, said the board would like to determine whether it could refinance its bonds without incurring additional annual expenses.
He said a second bond would total approximately $1 million for road repairs.
If a second bond were to be issued, trustees said repaving Innes Place would be a priority.
“I know some people want to see results, results, results right away, but we want to make sure we’re making the right decisions and using the funds efficiently,” said Trustee Jennifer Noone, whose responsibilities include overseeing road work and signage within the village.
Noone said she would also continue to monitor the effectiveness of parking restrictions at sections of Abbey Road, Hunt Lane, Revere Road and Remington Road to ease traffic congestion near Munsey Park Elementary School.
She said the village would look to condense some of the signs, which permit parking on one side of the street or limit parking or standing, and place them in areas where trustees determine necessary.
“I think it’s been effective,” Noone said. “Our hope is that everyone understands that this is for the greater good.”
Lippmann added the village would look to purchase 10 mounts for speed signs to place throughout the village. Speed signs and mounts cost between $3,000 and $5,000, he said.
In other developments:
• The board passed a resolution referring a Manhasset-Lakeville Water District project to replace an 85-year-old water tower located within Munsey Park to the village’s board of zoning and appeals, to determine whether the project falls within village code.
Village Counsel Robert Morici said the village would seek to set a public hearing around Nov. 20.
• The board introduced two local laws, one that would tack on a $30 “driver responsibility” fee to traffic violation tickets and another that would give the board the ability to override the state’s 2 percent tax cap to formulate its 2015-16 budget.
Trustees said they plan to hold public hearings for the proposed laws in December and January, respectively.
