City of Bowie approves project loans on tie-votes

The City of Bowie will move forward with plans to borrow $2,046,896 in a pair of short-term loans that will fund several large pieces of equipment and improvements across the city.
Last month City Manager Bert Cunningham asked for council direction on borrowing the funds as included in the 2018-19 budget to avoid going through the process of obtaining the financing or ordering equipment if the newer council members were not interested in continuing. He said if the council was going “to start cutting and slashing” and not go with the budget plans he needed to know how to manage it.
While there was no specific vote at that time, on Monday night when it came time to vote there was clear division on the council with a tie-vote, broken by Mayor Gaylynn Burris.
Kevin Lerner and Ted Christiansen, both of Government Capital Securities made the presentation on the finance options explaining how they were broken into real and personal property. The company has worked with the Bowie Economic Development Corporation on financing the business park, as well as the industrial technology center at North Central Texas College, as well as Nocona and Saint Jo and several local school districts.

Read the full story in the weekend News.