Lawrenceburg Now

Thursday, June 10, 2010

Council Votes To Borrow $2 Million In Capital Outlay Notes

   Leaders with the City of Lawrenceburg have voted to borrow nearly $2 million in capital outlay notes in order to fund various capital projects and meet equipment needs for the city for the 2010-2011 fiscal year.

   Following a lengthy discussion on the subject, members of the Lawrenceburg Board of Mayor and Council voted unanimously Thursday morning to borrow not more than $1,985,000 in General Obligation Capital Outlay Notes, to be repaid over a ten-year period at a low, but as-yet undetermined interest rate.

   The move came about as a result of the current budgetary process. Leaders have been juggling numbers in an attempt to identify a means to fund all the needs of the city.

They concurred that borrowing funds would allow all needed equipment to be purchased and projects to be completed, thus improving the overall condition of the city itself. Councilman Jamie Sevier explained during the meeting, “The areas where we’re going to use this money will dramatically improve our town and our ability to attract industry.”

   The majority of the funding, $1.1 million, would go toward completion of the flood control project. City Administrator William McLain explained that the city has been budgeting $300,000 annually for work on this project. This amount, he said, is the same as the city will pay toward the debt during the life of the note.

   Councilman Robin Williams commented, “Basically, if approved, this will totally fund our flood control project now, let us complete the work, then pay it back over a ten year period.”

   In addition to the completion of the flood control project (underway for the past 12 years), borrowing of the funds will enable the city to purchase a new fire truck and front end loader as well as undertake various street projects.

   With the borrowing of the monies approved, members of the council will now be able to allocate those funds in the 2010-2011 budget ordinance.

 

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