The Salem City Council Monday night will be asked to use a third party to act as Bond Counsel as they look at refinancing the remaining debt on the Aquatic Center and Waste Water Treatment Plant to save on interest costs.
City Manager Rex Barbee says no company or bank has been asked to bid on the refinancing at this time. He feels the use of a third party will avoid any question of bias or a conflict of interest. Barbee says this is the time for the city to act if they want to move forward on refinancing as interest rates are beginning to climb. The maturity dates of the bonds would stay the same, with the city hopefully just paying lower interest rates. Finance Director Kelly Barrow indicated at the last meeting the city could save $100,000 to $150,000 through the refinancing.
The City Council will be asked to award a contract to G and L Tank and Sandblasting of Shelby, Tennessee for repainting of one of the city’s two west side water towers. Their bid of $102,050 is considerably lower than five other bids opened last week. Barbee notes G and L has done work in other communities with excellent results.
The meeting will begin at six Monday night at Salem City Hall.
