TWIN LAKES — The Village Board voted Monday to refinance the remainder of the loan for the construction of the Police Department in 2001, which will save taxpayers an estimated $18,700 over the next four years.

According to Mike Hallmann, the village’s financial adviser, the State Trust Fund modified its rules regarding acceptable uses for its funding and will now allow for refinancing of existing debt. The current debt for the police department building on Lance Drive is set to expire in 2013.

“That (initial) bond, in the amount of $1,555,000, was sold at an average interest rate of 5.125 percent and has four more payments due,” said Administrator David Cox, adding there would be no penalty for prepayment.

After making the next scheduled payment in September, the outstanding principal will be $590,000. The State Trust Fund is currently offering an interest rate of 3.5 percent on debt amortized over five years or less.

Hallman estimates the following savings per year under the new debt service:

— 2010 — $4,760

— 2011 — $7,339.50

— 2012 — $4,466.25

— 2013 — $6,135

This savings total $22,700. Less the $4,000 expenses for making the change, the village will save an estimated $18,700.75.

The board voted unanimously to refinance the bond. Hallmann will now complete the required application, and the board will need to make another resolution to retire the existing promissory note later this month.

— In other business, the board, acting as a Committee of the Whole, discussed amending the Village Code as it relates to both peddlers and noxious weeds.

The first relates to whether or not some merchants who are not selling from a permanent business location should be exempt from the required $110 peddler’s permit. Specifically, merchants have requested permission to sell food at Lance Park in conjunction with the Aquanut Water Ski shows on Wednesday and Saturday.

An exemption already exists for merchants who are selling at “any community activity, program or festival for which a permit is granted by the Village Board.” Libertyfest, sponsored by the Twin Lakes Chamber and Business Association, is an example of this. However, the Aquanut shows are not.

Some officials suggested the merchants be approved through the agreement with the Aquanuts while others said the fee is not out of order or too costly. In addition to the permit fee, a $10 per day fee to sell on village-owned property is also charged.

The noxious weed discussion focused on whether or not to include wording that requires all vegetation, including grass, to be kept at a height range of between 8-12 inches.

Officials suggested they would like to see wording that requires properties with homes be maintained in this way, with some leeway for rain gardens and aquatic vegetation. Vacant lots adjacent to residential lots may also be required to mow a 25-foot buffer under the proposed ordinance change.