The Oro Valley Town Council voted unanimously last week to approve spending $6.5 million in reserve funds to pay off debt.

The money will be spent to pay debts incurred when the town purchased land at the Naranja Town Site, built the Oro Valley Public Library, and built and purchased freshwater infrastructure systems.

According to town financial estimates, paying off the debt now would net the town savings in the long run.

Right now, town reserve funds earn less than 1 percent annual interest, while bond indebtedness incurs interest at 4 to 5 percent annually. Paying off the debt early would save almost $1 million in interest over theĀ  next nine years.

The town has more than $13 million in general fund reserves and more than $48 million in combined reserves, including water utility and capital project funds.

In other business, the council unanimously approved a change to town code regarding the discharge of air guns. The amended code pertains to such weapons as plastic pellets, paintball and potato guns.

Some concern was raised that the changes were getting too specific as to require future additions when new weapons are developed that fire other media.

Town Attorney Tobin Rosen assured council members that the revised code was broad enough to include any sort of implement that could be fired from an air gun.

Rosen said the guns could fire rutabagas or any other vegetable. Their use, along with other air guns, would still be forbidden in the town at large.

Firing the weapons on private property would still be permitted.

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.