Alba council puts plan in motion to save on interest

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Alba City Council started the process to save more than $139,00 in interest on city bonds Monday.

The council approved Government Capital to seek a better interest rate on the 2009 city bonds that extend through 2039.

Wade Thompson with the firm said the bonds would be shopped to several banks, but he already has one lined up ready to refinance.

The city has until Aug.15, the 10-year anniversary, to lock in new, lower rates.

The council also discussed paying down some of the principal ahead of the refinance for more savings.

The council learned that a tree that recently fell onto the fence at the east water well will cost the city $1,650 to have it and an adjacent dead tree cut up and removed. The damage to the fence cannot be assessed until the tree is removed.

The council also learned that Daylan McManus is being offered the position for summer help and Robert Ivory will fill the part-time position.

The city will also be looking for a new office assistant with the resignation of Diane Eaton.

The council approved a request from Lisa Arrington to replace a modular home on Hopkins St. with a tiny house.

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