The Conway City Council is looking to save a possible $500,000 by approving the sale and issuance of bonds to refund bonds from 2006. The council approved the bond issuance, which will begin on May 31 and should close in July, and the main reason to complete this transaction is to take advantage of lower interest rates.
"What we believe is that we will see a net savings during year one of the 30-year life," Conway Mayor Tab Townsell said.
The bonds, which would be around $4.5 million, would refund the bonds purchased in 2006. Those bonds were purchased in order to finance the costs of acquiring, constructing,
extending and equipping certain improvements to the city’s wastewater and electric systems and certain roadway infrastructure. The bonds also helped finance improvements within the city’s Meadows Industrial Park and Gus Murphy Industrial Park.
The amount of the 2006 bonds currently sits at $4.4 million.
The council also approved the nominations of Ray Kordsmeier and Mike Kraft to the Advertising and Promotion Commission. Kraft would take over a tourism industry position, and Kordsmeier would take over an at-large position. Each term will be four years. However, the council did promise to revisit the method of looking at applications after two qualified applicants were passed over.
Tim Nail of Colton’s and Rhonda Overbey of the Log Cabin Democrat were both mentioned by Vaught as new applicants who deserved fair consideration to be on the commission.
"I know that when we have qualified applicants, we need to make sure we give them their due consideration," said Alderman Mark Vaught. "The A&P Commission has a lot of authority to deal with the revenue that we have, and I know that we have received very few qualified applicants in the past. But when we do get good applicants, we need to make sure they are given good consideration."
The council approved the appointments 6-1 with Vaught being the dissenting vote.
The council also approved a new event permit, which would be required for any group using public property for an event requiring police assistance. Officials believe this would make sure event coordinators are committed to the event after police officers are taken off shifts to help.