The Arkadelphia Board of Directors will convene at 5:30 p.m. Tuesday to finance improvements to the city’s water and sewer utilities.
Directors will first consider declining a $4.25 million loan from the state Department of Agriculture that would fund upgrades to the city’s water metering system. A memo to directors from City Manager Gary Brinkley notes that, in order to meet requirements from that 20-year loan, the city might have to raise its utility rates by 41%.
And, because directors recently approved a $1.9 million loan from the state’s Natural Resources Division for a sewer lift station, city administrators will not recommend a loan for the meter upgrades.
Brinkley is asking directors to instead disregard the latest loan offer in lieu of a $10 million bond issuance.
A public hearing on the bond issuance will be opened prior to a presentation from Jason Holsclaw of Stephens Inc.
Directors have been presented with a 32-page ordinance outlining the bond agreement. Brinkley is requesting that the city board suspend procedural rules in order to adopt the ordinance tonight.
The meeting is open to the public.
Categories: Arkadelphia News