Cross Keys Bank has been selected as the local lender as part of the next step toward rehabing Tallulah's aging water plant in hopes of solving the city's longstanding water issues, the city's bond attorney told city council members during Thursday's regular meeting.
City bond attorney William Boles gave an update to council members ahead of a vote to introduce an ordinance providing for the incurring of debt and issuance of $4,065,000 as part of the more than $7 million project (with the balance coming in the form of a grant from the United States Department of Agriculture, or USDA).
Boles said Cross Keys was selected for the loan with a 5.5-percent interest rate, explaining that debt will be paid off by the USDA following construction's completion, at which point a 40-year loan will begin with the federal agency.
The motion to introduce the ordinance was passed 4-1, with only District 5 Councilman Toriano Wells dissenting.
Mayor Charles Finlayson said a public hearing concerning the ordinance will be scheduled and announced prior to the council's final vote for adoption or denial.
In other business, the council: approved business licenses for Brian Giles for One Step Enterprises, LLC., located at 113 Levee Street in Tallulah, and Kinvette Bingham for a retail location at 909 Johnson Street, also in Tallulah.
For more on Thursday's meeting, pick up a copy of the Thurs., March 16, edition of the Madison Journal.
