The Carlisle City Council, at its Monday meeting, agreed to move forward with the refunding of a bond.
Alderman Todd Turner was absent from the meeting.
Jack Trumper with Stephens Inc. presented the Council with a savings sheet for the the Jan. 1, 2012 Sales and Use Tax Bond. The maximum annual debit payment is $195,412.50 and the remaining bonds carry an average coupon of 3.67 percent. According to the schedule, by refunding and reissuing the bond, the city would have a new percentage of 2.776 percent and the estimated net savings is approximately $198,000, with a net present value saving of $47,710.
According to Trumper, the bond savings will be non restricted, meaning it can be used for any purpose and the percentage rate would be set, regardless of the changes in the future interest rates. Trumper said if the council decided to move forward, the tentative closing date on the bond would be June 28.
By unanimous vote, the council approved to move forward with refunding the Jan. 1, 2012 Sales and Use Tax Bond.
In other business, the city opened bids for the Pauchert Road Sewer Improvement project on March 3, with two bids received. The highest bid of $21, 708 was from R&R Contracting Inc. of Colt and the lowest of $15, 970.75 was from KJ Parker Construction, Inc of Palastine. With a unanimous vote, the council accepted the lowest bid from KJ Parker Construction for $15, 970. 75.
During the emergency services portion of the meeting, Carlisle Mayor Ray Glover extended his sincere gratitude to Lonoke for allowing Carlisle to use a fire engine while Carlisle’s truck was in the shop for repairs.
“We appreciate Mayor Wayne McGee, Lonoke City Council and the Lonoke Fire Department for loaning us a truck while our truck was out getting serviced,” Glover said. “Lonoke brought a truck over here and let us use it. We really appreciate it. It was very kind of them.”
Also during the meeting, the council unanimously approved to:
-Approve the purchase of mosquito chemicals for $7,588.39 and the purchase of two mosquito traps for $924,Arkansas Municipal League property insurance invoice of $13,517.28 and the Arkansas Municipal League vehicle insurance invoice of $10,846.72
City wide spring clean up will be held May 8-12.
The next regular scheduled city council meeting will be at 6 p.m. May 16 in the Civic Center.