By MELINDA J. OVERSTREET
for Glasgow News 1
The city’s sale of municipal bonds to help fund a portion of the overhaul of American Legion Park occurred Tuesday as planned, members of the Glasgow Common Council Finance Committee learned that evening at their regular meeting.
A majority of the full council had previously approved two readings of an ordinance to allow the sale of up to $5.4 million in bonds to finance the construction and other costs that are expected to total more than $11 million by the time the entire project is completed.
“Everything went fine, went great,” City Treasurer Stephanie Garrett told the committee members, adding that the transaction closed with a total bond amount of $5,346,000, with a fixed interest rate of 3.88 percent for a 20-year term.
She said she’s already paid the necessary fees.
“That’s a great rate,” said Councilman Terry Bunnell, who chairs the panel.
“Yes, it is,” Garrett agreed. “It’s a really great rate.”
The city received the funds already, she said.
“Fantastic,” Bunnell said. “So we’re ready to use those funds for American Legion.”
He asked whether there were any further updates on that project.
“They’re really moving along at American Legion; I will say that,” Garrett said.
Bunnell asked about the anticipated completion date, and Mayor Henry Royse said that at their progress meeting last week, the estimated date is June 25.
The first of the city’s annual bond payments is due in June, Garrett said, but they may have a small payment necessary before that.
“We are to be commended in [our] ability to get a rate at 3.88 percent,” Bunnell said. “It’s a reflection of our credit worthiness.”
In other business, Garrett said that the operational balance sheet as of Nov. 30 shows the city again had more revenues than expenses, now that property-tax payments have been arriving.
“The bottom line, we’re in the positive. Yay,” she said. “That’s after big equipment’s bought and all kinds of stuff has been done. Yay. Everything seems to be on track with us.”
Councilman Marlin Witcher asked what percentage of property taxes have come in, and she estimated roughly 70 percent.
“We’re good,” Garrett said. “We’ll get a big load of mail here this last week of December.”
Individuals who pay their bills by the end of December receive a 1 percent discount, and she said a lot of people try to get the taxes paid in time to get that reduction.
“It’s been pretty brisk down there, just people coming in,” Royse said.
Also, Nick Hurt, the city’s occupational tax administrator, reported that through HdL Companies’ efforts, the city collected $224.40 in November in occupational taxes and fees, half of which goes to the company, with which the city contracts to locate and bill businesses that do work in the city that had yet to submit such payments.
“It wasn’t as big as October, but – as me and you talked the other day – it’s still found money,” he said to Bunnell.
“Found money to pay a bill here or there,” Bunnell said.
The next regular meeting is scheduled for 5:30 p.m. Jan. 21 in the Council Conference Room on Floor 2 of Glasgow City Hall.
After the meeting adjourned, Garrett thanked Councilman Marlin Witcher for all his work on that committee, as this would be his last regular meeting because he was not elected for another term, and the mayor added his thanks as well.
Councilman Freddie Norris was the other voting member present. Councilwoman Chasity Lowery, who is also a member board of directors of the Glasgow Electric Plant Board, which traditionally changes its December meeting to the same time as the finance committee’s because of the holidays, had previously informed the group she would be attending the EPB meeting.
