NEWS
City of Bowie refunds bonds; expects to save $136K interest
By BARBARA GREEN
[email protected]
The Bowie City Council approved the refunding of bonds used to construct the community center selling at a lower interest rate that will save about $136,000 across the final 10 years of the payoff.
Along with the bond action, council members began the budget process accepting the draft proposal presented by City Manager Bert Cunningham.
Kevin Learner of Government Capital Securities made the presentation on the bond refund explaining there are 10 years left on the bonds that were purchased at a four and 4.25 percent interest rating. The refund rate is 1.90 percent which will create a savings of about $136,000 across the 10 years with savings ranging from $10,000 to $16,000 a year in interest.
Read the full story of Monday night’s meeting in the mid-week Bowie News.
The Bowie News office will be closed Dec. 24-25 for the Christmas holiday, and Dec. 30 and Jan. 1.
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Montague County Commissioners wrapped up a few items before the end of the year as they met on Dec. 23.
Grant Coordinator Charley Lanier asked the court to go ahead and obligate $276,961.84 from the American Rescue Funds to complete the new wastewater treatment plant that will serve the courthouse complex.
He explained Dec. 30 is the last date where grant funds can be obligated, and he did not expect any issues since this project had already been approved in court using ARPA funds, he called it a “safety net,” to avoid any problem and possible return of the funds to the federal government.
Montague County has about $276,961.84 in grant funds which has not been allocated.
The court gave approval on the request.
Lanier also asked the court to apply for a grant for a tire cutter. Funded through the Nortex Regional Planning Commission and Texas Commission on Environmental Quality, the application will ask for $26,865 to purchase a larger gas-powered cutter on a trailer, which can be moved around for use. It would cut the larger tires into four pieces, which would be allowed into a landfill. Lanier said if the cutter comes through the county would need to obtain a permit for its use from TCEQ, which he added should not be an issue.
Commissioner Mark Murphey said he picks up more tires abandoned on the county roads than he disposes of at his own yard, adding he probably has 500 at his yard. The court gave approval to apply for this competitive grant.
The remainder of Monday’s brief meeting were year-end items. Bonds for the justice of the peace one, county clerk, county attorney, district attorney, sheriff, commissioner three and constable two were accepted.
A cooperative agreement with Texas A&M AgriLife Extension Service and the county was approved, along with a license and services agreement with Local Government Solutions to provide software for both justice of the peace officers. The county attorney’s Chapter 59 Asset Forfeiture report was presented with no new seizures or forfeiture.
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