News Talk 94.1/AM 1600 Where The Upper Cumberland Talks
Cookeville will refinance the $6.74 million remaining on the bond that built Tennessee Avenue.
City Council voted unanimously Thursday night to refinance the 2015 bond issue. Cookeville Finance Director Brenda Imel said the city will save some $312,000 on the bonds.
“Cumberland Securities is the municipal advisor, their estimated fee is about $20,655, and then bond counsel their engagement letter is for $15,620,” Imel said. “Moody’s has to rate these bonds so their agency fee would be around $18,000, and then other miscellaneous costs of putting together offering statements.”
The total costs of the refinancing will be $134,472.
In other business, The council approved a one-year extension of the job creation agreement with SAIC in exchange of city incentives. The company had agreed to create some 300 jobs by next year, but the company had asked for an extension because of COVID issues. City Manager James Mills said SAIC has reached 175 jobs.
The council also approved some budget amendments to right some accounts as the fiscal year end. Imel said it is a typical process to get the expenses and incomes balanced based on fiscal year’s work. A total of $2.4 million in revenue were added to the city’s balance, the majority of which came from sales tax that surpassed the budget number.
Imel said the city now had a surplus on the fiscal year budget.
Cookeville will hold a public hearing June 17 on a new ordinance that would prohibit blowing grass onto streets and rights of way.
Council approved the bid of some $39,700 to construct fencing for the Cane Creek Dog Park. Leisure Services received three bids to construct fencing at the Cane Creek Dog Park after receiving just one bid last month. Leisure Services Director Rick Woods said his department changed the northern boundary fence to galvanized fence that would match the rest of the park fencing. Cloyd’s Fencing submitted the low bid at $30,500 for some 1,175 linear feet of fencing at five-feet high in the dog park. Woods said a city council member had asked to replace all of the fencing along CC Camp Road, an increase of some $9,200. Both projects will be completed after the council vote.
Council approved the relocation of the master meter pits for the Double Springs project.
