Due to the pandemic “There will be no Arbor Day Celebration this year,” Mayor Butch Berry said at Monday’s city council meeting. He then provided an Arbor Day Proclamation stating that Eureka Springs is the oldest Tree City in Arkansas.
Berry said that by the next regular council meeting, the Parks Commission should have submitted a financial report for review. There have been no joint Parks & Council workshops as previously agreed to, nor any indication of a meeting being planned in the near future.
Refinancing passes
Council reviewed a refunding analysis proposal from Raymond James on the City’s Series 2012 Sales and Use Tax Bond debt, originally issued for sewer service improvements. This refinancing proposal states that with a fixed rate private placement, the current debt service of $2,074,596 could be refunded for an estimated new debt service of $1,991,322, providing a net present upfront savings of $82,130. The proposal has a net interest of 1.64 percent, an all-in cost of 2.55 percent, secured by a one-percent sales tax and a maturity date of October 2027. The proposal was unanimously approved.
The next Council meeting is scheduled for Monday, May 11 at 6 p.m. City meetings are held online at youtube.com/user/cityofeurekasprings/live