By NAN SNIDER
Special to the NEA Town Courier
Monette City Council met Monday, Jan. 22, and authorized the issuance of sales and use tax bonds for financing improvements for three city projects, which include ballpark improvements, new community center and new fire department.
Monette Mayor Bob Blankenship was unable to attend the meeting and Councilman Brandon Decker served as acting mayor in his place.
Guests present were William Harper, with purchaser Crews and Associates Inc., and Michael Moyer, attorney with Friday, Eldredge and Clark.
Moyer presented Ordinance 2024-1 authorizing the issuance of sales and use tax bonds for capital improvements on the three city projects.
“Bonds were sold today to investors at a rate of 4.46 percent, for a total of $3.825 million to fund these improvements,” Moyer said. “Investors include local and out of state banks.”
Moyer and Harper stated they were both pleased with the sale of the bonds and the rate acquired. Funds will be wired to the trustee, Centennial Bank, on the closing day, Feb. 27, 2024. Each project will have a separate account. The 1 percent tax collected will only be used to pay debt service on the bonds. The effective date of the tax will be April 1, 2024. Proceeds from the tax will fund construction of all three projects.
The council voted to suspend the rules and read Ordinance 2024-1, by title only, and passed the ordinance on all three readings. The ordinance was adopted as presented.
The council also adopted the Emergency Cause of Ordinance 2024-1.
“The bank works for the city of Monette,” Moyer said.
“We expect the primary goal of the city of Monette will be engineering and design, and the actual construction will likely not begin until after July 1, 2024,” Decker said.
The council passed Resolution 2024-1 to amend the 2023 budget.
The council approved Resolution 2024-2, adopting the 2024 municipal budget for all city accounts as proposed.
Councilman Kristian Nuckles reported a missing stop sign at a downtown intersection and recent complaints about brown water. Hydrants have been flushed this week to correct the brown water issue.