PEA RIDGE -- Three of four City Council members approved issuing a $200,000 promissory note to buy cars for the Police Department on July 18.
"I want to make a note that the constituents that I've visited are against this," said councilman Bob Cottingham.
There was no discussion about the purchase which had been discussed at previous city meetings.
Council members approved a loan for $5,600,000 for the water treatment plant.
"This is a bridge loan," Mayor Jackie Crabtree explained, adding it's standard practice and the loan will cover construction costs until the plant is finished and "RDA kicks in and pays it back.
"I don't like it, but that's the way the government is working right now," he continued.
Ken Hayes, Water/Wastewater Department superintendent, said the city had a commitment from the U.S. Department of Agriculture Rural Development for the loan.
"Our interest is 3.25 percent for the permanent loan. We'll get this for 1 3/8ths percent, so we're really better off," Hayes said. "When the draw is due, you'll make that draw and the interest begins then on the draw only."
"It's so low because it's guaranteed by the federal government," Hayes said.
NW News on 07/27/2017