Council to Lower Bond Rate

The Monticello City Council, during its regular monthly meeting Tuesday voted unanimously with a 3-0 vote to refinance the city’s bond issue on the Government Complex.

Councilperson Molly Pompey was not present at the meeting and Mayor Pro Tem Russell Gross left shortly after the opening of the meeting due to illness.

The bond is currently at the interest rate of 6.85 percent and set to mature in 2020 at a total cost of $2,016,763. An opportunity has arisen to lower the rate to approximately 4.86 percent and lower the debt to $1,710,600, thereby saving the city approximately $38,000 per year with a total savings of approximately $306,000, and still maturing in 2020.

After lengthy discussion the Council voted unanimously to approve the refinancing using the financial firm of Terminus Securities, LLC, the firm which handled the original bond issue.

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Also, the Council voted unanimously to authorize a referendum election on whether alcohol may be served on Sunday in the city.

This referendum was originally approved back on May 10, but to meet the advertising requirement of state law it was necessary to readopt the resolution. The referendum will now be placed on the November ballot as to whether alcohol may be served on Sundays from 12:30 p.m. until midnight in any licensed establishment which derives at least 50 percent of its total annual gross sales from the sale of prepared meals or food in all of the combined retail outlets of the individual establishment where food is served and in any licensed establishment which derives at least 50 percent of its total annual gross income from the rental of rooms for overnight lodging.

Mayor Glenn Newsome announced he had appointed Mrs. Lottie Norris as the Honorary Councilmember for the month of September, and went on to introduce Mrs. Norris and present her with a Certificate of Appointment.

City Manager Bob Schwartz reported that the only four dirt streets left in the city, Spruce, Julius, Tinsley and Laurel Lane, were all paved last week. Mr. Schwartz also reported the work on putting new liners in the sewer lines had begun and is expected to be completed in approximately two weeks.

Monticello Police Chief Bobby Norris reported his department had written $3,166 in fines and citations during the month of August, and also responded to 379 calls for service. Councilperson Bryan Standifer complimented Chief Norris on the control of traffic at football games this year.

Downtown Development Authority Chairman Dave Dammann was not present and no report was received.

Other actions taken by the Council included:

•The Consent Agenda (items previously discussed) was approved unanimously.

•The new personnel policy for the city, which has been in committee for over a year, was approved unanimously.

•The Get Ahead House renaming to the “Dan Norris-Roberta Anderson Community Center” was approved unanimously, with a date of the dedication to be announced.

•A low bid of $10,040 from Tillman Landscaping for Park Maintenance was approved unanimously over seven other bids.

•Approved changing the date of the November regular meeting from Tuesday, Nov. 8 (election day) to the third Tuesday, Nov. 15.