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Holding a brief meeting Tuesday evening, the Ava City Council met in a session facilitated by Burrely Loftin, president of the Board of Aldermen. Mayor Eddie Maggard was absent.
The central item of focus during the evening was the option to pursue refinancing on the Certification of Participation Bonds which were adopted by the city in November 2001. The financing obligation was implemented to cover expenses and costs on projects which included a remodel of the swimming pool area, improvements to the city’s electric system, and purchase of an upgraded fire truck.
The bond obligation will be completed in November 2021.
The suggestion to refinance the bond commitment was provided by Steve Goehl, of D.A. Davidson & Co. Goehl stated that by refinancing under present market values, the city could sustain a net savings of $26,000 over the life span of the bond commitment. However, to implement current refunding, he said the action must occur 90 days prior to Aug. 3, 2011.
Council authorized Goehl to pursue bond refunding with the caveat that the savings return must be at least 3 percent. If that stipulation is met, then council will adopt a resolution to endorse the action.
The board of alderman accepted the minutes from the June 28 session and approved bills for payment.
Councilmen in attendance were Judy Lovan, Ric Engelhardt, Billy Long, and Loftin.
The next session is scheduled for Tuesday, July 26, 5 p.m. in council chambers at Ava City Hall.