GENTRY -- The city of Gentry will consider refinancing bonds for its water system and could possibly save several hundred thousand dollars due to interest rates which are lower now than when the bonds were issued.
In a planning meeting, council members discussed the possibility of refinancing a bond for the east-side water project, issued through the Arkansas Natural Resources Commission, at a lower interest rate to save money. The ANRC sent a letter to the city to see if the city was interested in refunding one of three bonds for the city's east-side water system. Two other bonds are deferred until December of 2017 and are not eligible for refunding at this time.
The council had already selected professionals to consider refinancing two bonds through United States Department of Agriculture for the west-side water project but the savings were not deemed enough to reissue the bonds in 2013. Since interest rates are now much lower, the council is seeking to learn if it could refinance all its water department bonds and obtain a significant savings for the city, or at least the four larger bonds and budget to pay off the smaller one quickly.
The total bonded debt of the city for the water system is approximately $3.4 million.
Also reported at the meeting was the need to fill numerous vacancies on the parks advisory committee. Kevin Johnston, Gentry's mayor, said there were at least four posts to fill.
Johnston also reported that the city had $50,000 in donations to build the nature trails at the Flint Creek Nature Area and would be putting the project out to bid soon. Johnston said that $30,000 had been given by the Jack McKee Foundation and another $20,000 was pledged from Gentry United Way for the trails. He mentioned the possibility the city could apply for a 50/50 grant for $30,000 by using existing funds for the city's half.
Johnston said the trail would be asphalt and could be a part of a larger trail system being planned in the future to connect Gentry and Siloam Springs with paved trails. Sidewalks already extend south along Arkansas Highway 59 to near East Dawnhill Road.
Johnston said he was also considering Gentry's option to become a Purple Heart City. Johnston and council members agreed that the city wanted to recognize veterans and Purple Heart recipients in a more significant way than just putting up a sign. Councilman Jim Furgason suggested honoring them with articles in the newspaper. Further discussion is expected on the matter in the near future.
Another matter which was suggested to the council was a code change allowing the use of golf carts for transportation within the city under certain conditions. Discussion included allowing residents to use golf carts to access businesses and neighborhoods.
Johnston said a law change allows cities to determine whether they will allow golf carts to be used on city streets. Currently, they are not legal to operate on Gentry streets. Council members suggested the change could possibly help those who are not able to get out or around town in any other way.
General News on 08/03/2016