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Monday, July 14 Swing shift: Phillips has work to do ESPN.com news services |
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Phillips, 22, considered Cleveland's top prospect, is batting .210 this season with four home runs and 24 RBI in 88 games. He was sent to Triple-A Buffalo, where he played 55 games last season after the Indians acquired him in a trade for Bartolo Colon. Although Phillips struggled at the plate, he has played well in the field for the Indians, who moved him from shortstop to second base. He had a .983 fielding percentage in 82 starts, fourth best among American League second basemen.
"During this time of fiscal constraints, this is a great deal for the city,'' Mayor Dick Murphy said Monday. "With the legal battles behind us, we are able to take advantage of low interest rates and save taxpayers millions.''
When the original bonds were issued in February 2002, two lawsuits against the ballpark caused some uncertainty over the validity and the tax-exempt status of the bonds. As a result, the interest rate of 7.66 percent was considerably higher than the city's traditional tax-exempt interest rates.
With the refinancing, the estimated bond interest rate will be 4.89 percent. Based on current market conditions, the annual bond payment will be reduced from $15 million dollars to about $12.1 million dollars.
The new bond size will be $180 million, approximately $10 million more than the original bonds. The proceeds of the new bond will pay off the principal and interest of the original bonds. Gregg's trial postponed: A federal judge postponed a trial in the civil suit brought by former umpire Eric Gregg, who says the National League owes him severance pay.
Gregg was one of 22 umpires who lost their jobs in 1999 following a mass resignation during a labor dispute. Twelve of those have since either been rehired or allowed to retire. Gregg was not among them, and he filed two suits seeking reinstatement or back pay. One suit was scheduled to go to trial on July 16, but U.S. District Judge John P. Fullam told Gregg's attorneys that he would delay it until the 3rd U.S. Circuit Court of Appeals ruled in a related matter involving the umpires' attempts to win back their jobs.
No new trial date has been set. |
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