The Board of Mayor and Aldermen gave its approval Tuesday to Fayetteville Public Utilities’ proposed refinancing of electric bonds, a move that will save the system approximately $109,000.
FPU’s board of directors had approved the resolution in its October session, sending it on to the Board of Mayor and Aldermen for final approval at its regular session this month. Officials noted that the refinance will not extend the term of repayment. The savings will result from the interest rate being reduced to 1.79 percent.
The original debt was a little more than $12 million. To be paid off in 2024, the remaining debt stands at just over $3 million.
In other business, the board okayed an additional $16,000 for the completion of the city’s ADA Transition Plan, a plan that will assess city facilities for compliance with the American Disabilities Act and propose ways for any barriers to be remedied.
In previous action, the board had budgeted $55,000 for the plan’s development.
It’s been almost three years since TDOT set forth its requirements aimed at getting governing bodies to identify barriers to access in programs and activities with the goal of providing equivalent access to the maximum extent possible.
A Fayetteville City Schools’ budget amendment of $90,500 was also approved to accommodate the purchase of freezer doors at Fayetteville High School.
The City of Fayetteville’s Annual Christmas Parade will be held Dec. 7, and a permit was also approved for the Silent Reflection Walk to be held Sept. 27, 2020.
In discussion, City Administrator Scott Collins noted that Phase I of the City’s Greenway Project is advancing and that a notice to proceed with Phase II is anticipated within the next week to two weeks. Collins also said bids for the first phase of the Camp Blount State Historic Site had come in over budget. The project is expected to be rebid.
Collins said he also anticipates meeting with Tennessee Department of Transportation officials this week to discuss the need for additional funding for the William D. Jones Boulevard improvement project. The city has set aside $93,470 in local match money to the state’s $373,880.
Both the Fayetteville-Lincoln County Chamber of Commerce and Tourism Bureau, along with Fayetteville Main Street, appeared before the board, reporting the success of this year’s Host of Christmas Past Festival. Each of the board members also commended their efforts, along with those of local businesses and volunteers.
Dr. Janine Wilson, director of City Schools, introduced several students who reported on the activities and events in the schools. Laura Kate Sumners addressed activities at Ralph Askins Elementary, while Vincent Ruhlander talked about achievements at Fayetteville Middle School. Erin Bradford and Will Ellis talked about accomplishments at Fayetteville High School. Wilson was also accompanied by the FHS Tiger football team, which was honored by the board.