City to invest portion of $11.2M bond

By RON HARRIS, Daily Mountain Eagle
Posted 8/16/17

Jasper City Council members adopted a resolution Tuesday morning that will allow Mayor David O’Mary and city clerk Kathy Chambless to establish an account with National Financial Services to invest a portion of the bond issued recently by the city.

This item is available in full to subscribers.

Please log in to continue

Log in

Don't have an ID?


Print subscribers

If you're a print subscriber, but do not yet have an online account, click here to create one.

Non-subscribers

Click here to see your options for becoming a subscriber.

City to invest portion of $11.2M bond

Posted

Jasper City Council members adopted a resolution Tuesday morning that will allow Mayor David O’Mary and city clerk Kathy Chambless to establish an account with National Financial Services to invest a portion of the bond issued recently by the city.

The $11.2 million bond will be used for a variety of projects across the city. The largest of those projects involves repaving city streets.

The investments will involve $3.5 million to $4 million of the $11.2 million for a period of six months. O’Mary said the investments, which will accrue interest, are “a way to defray some of our borrowing costs.”

“I think it’s an excellent thing to do, no question,” said council member Gary Cowen.

In other business, council members:

•agreed to move the council’s next meeting from Sept. 5 until Sept. 12 because of the Labor Day holiday.

•approved minutes of the Aug. 1 council meeting.

•approved a parade permit for “Smoking on the Square,” a charity barbecue cookoff event for Hope for Women, on Saturday, Aug. 26, from noon until 6 p.m. The event coincides with Hope for Women’s fundraising walk earlier that morning.

•held a public hearing and approved a retail table wine license and a retail beer license (both for on-premise and off-premise consumption) for Sakura Japanese Restaurant, located at 300 Highway 78 W.

•approved use of the auditorium at the Memorial Park Natatorium at no cost for a blood drive hosted by the American Red Cross.

•introduced an amendment to the city’s budget in preparation for the upcoming end of the fiscal year.

•approved a request from city purchasing agent Derleda Abrom to purchase a water jetter for the Jasper Waterworks and Sewer Board, and several items for the Jasper Public Library, including three 21.5-inch iMac computers and media shelving.

•heard a report on food vendors for this year’s Foothills Festival, which is planned for Sept. 15-16 in downtown Jasper.

Council members also heard reports on volleyball and soccer uniforms for the city’s parks and recreation department.

•adopted a resolution to approve paying Jasper firefighters time and a half for work at the Foothills Festival at a pay rate that equals salary divided by 80 hours.

•approved allowing O’Mary to enter into an agreement with Nelson Engineering to send out bid invitations for paving, milling, leveling and striping and marking for a paving project on Second, Third and Fourth avenues.

The project is expected to begin in October and be completed by late February or early March 2018.

•approved additional funding for soil boring for an Airport Road traffic signal, as requested by the Alabama Department of Transportation.

•approved a resolution Tuesday morning to set a hearing to discuss offering economic incentives to Milo’s Hamburgers, which is currently under construction on U.S. 78 in front of Scott Crump Toyota.

City attorney Russ Robertson said the expected investment by Milo’s and the number of jobs available will exceed the city’s requirement for offering the incentives.

Offering economic incentives to new businesses in the city is a common practice and beneficial to the city.

The hearing will be held during the council’s next meeting on Tuesday, Sept. 12.

•adopted a resolution to add several properties to the city’s nuisance abatement ordinance for being unsafe structures and for having overgrown grass and weeds.

•granted permission to vacate an alley located off Third Place near Seventh Street West.

•extended a moratorium on placing metal buildings and portable buildings in the B3 zoning district.

•heard from O’Mary, who said he would be using approximately $14,000 from discretionary funds from the mayor’s office to purchase an ATV for the city’s cemetery department, as well as three iMac computers for the Jasper Public Library.

O’Mary also announced a luncheon will be held today at the Jasper Police Department to show the city’s appreciation for the police department’s role in the recent incident at the Walker County Jail, where 12 inmates escaped.

Jasper police captured nine of the 12 inmates within 12 hours of their escape. “This is just our way of showing them our appreciation for their hard work,” O’Mary said.

After a brief executive session, council members announced a settlement had been reached on a lawsuit filed against the city. No details were released.

Tuesday’s meeting was the last for council member Jennifer Williams Smith to serve as presiding officer. Council member Danny Gambrell will serve in that role beginning with the council’s next meeting on Sept. 12.