SPECIAL CALL MEETING - FINANCING
A special call meeting of the Lawrenceville Town Council was
called to order on
Mayor Keith W. Clarke; Council Members: Joyce D. Bland, H. B. Brockwell, Jr., Wilbur Hardy, Dean Woodrow Packer and Robert F. Pecht, III; Town Manager, C. J. Dean; Police Chief Douglas R. Pond; Administrative Assistant, Wanda Johnson; and Jordan Pecht.
Absent: Council Members J. Grady Martin and John Miller, Jr.; Alice B. Talbert, Clerk; and Town Attorney W. C. Outten, Jr.
Roll was called.
Mayor Clarke stated the purpose of the special call meeting is for financing several projects as listed on the agenda. Legal notice of the meeting has been given as required. He thanked everyone for coming, and then asked Mr. Dean to present the loan packages.
Mr. Dean reported there are two loan packages the finance committee recommends for Town Council’s approval.
The first package is a $400,000.00 loan for a fire truck. This is with First Citizens Bank at 4.12 % interest for 15 years. The annual payment would be $36,278.97.
The second package combines several projects; $80,000.00 for the purchase of the Court Street property; $40,000.00 for a sewer jetter; and $163,000.00 for the completion of the improvements in the Goodrich/Davenport project for a total loan of $283,000.00. This is with First Citizens Bank at 4.6% interest for 10 years. The annual payment would be $36,188.48.
Mr. Dean asked that Town Council authorize the Town Manager and Town Attorney to draw up and sign the necessary letters, resolutions and other paperwork to complete the loan process for both packages.
Mayor Clarke asked if the rates had been compared at another institution. Mr. Dean reported that a VML/VACO lending program had a variable monthly rate and would have required more money up front. The committee was concerned about the variable rate.
Mayor Clarke also commented the fire department has always paid off their loans, in fact usually early.
Mr. Brockwell made a motion to authorize the Town Manager and the Town Attorney to proceed to complete all necessary legal paperwork to secure the two loans from First Citizens Bank as presented for the listed projects. Mr. Hardy seconded the motion.
The motion was carried by the following roll call vote:
Joyce D. Bland aye
H. B. Brockwell, Jr. aye
Wilbur Hardy aye
J. Grady Martin absent
John J. Miller, Jr. absent
Dean Woodrow Packer aye
Robert F. Pecht, III aye
All council members present voted aye.
There being no further business, the meeting was adjourned by a motion from Mr. Brockwell and a second by Mr. Pecht.
_______________________________Mayor
_______________________________Attest