The bond authorization, which totals $7,095,000, also secures refinancing for a city sewer and water bond.
“What that does is [it] allows us to do a couple of things. It allows us to save money on [a] lower interest rate on an existing water and sewer bond we had,” said City Manager Sam Grove. “We refinanced it. ... It allows us to borrow money ahead of time on the Dellinger Park pool improvements that were included in the [Special Purpose Local Option Sales Tax] issue.”
The refinancing, according to Assistant City Manager Dan Porta, applies to a 1997 Georgia Environmental Finance Authority loan for the city’s water department. By refinancing the loan to 1.2 percent, Porta estimated the city would save approximately $300,000.
The council also approved a project to repair part of a railroad ditch off Old Mill Road. The repairs, which CSX previously approved, are not to exceed $40,000. Public Works Director Bobby Elliott said there was “a huge washout” in the area and he hoped the constant rain over the past few days has not made the situation worse.
Other city council business included:
• Approving a subordination agreement with the resident of 73 Mercer Lane, which will refinance a second mortgage the resident has with the city.
• Approving the purchase of a new transformer for Cartersville Electric System in the sum of $8,240.
• Hearing the November 2012 monthly financial statement.
The Cartersville City Council’s next meeting is scheduled for Feb. 7, at 7 p.m. at city hall.