LAFOLLETTE, TN (WLAF) – LaFollette Utilities is looking at ways to save money.
At last night’s City of LaFollette workshop, LUB General Manager Kenny Baird spoke to the council about reworking $13 million worth of debt that is scheduled to pay out in 2031. The current interest rate is variable and the utilities would like to have a fixed rate, that would pay out in 15 years. The change could result in an $84,000 savings. The council will vote on two resolutions at Tuesday night’s regular monthly meeting pertaining to the loan.
The first resolution 2019-15 authorizing the issuance of not to exceed $2,000,050 general obligation bonds of the City of LaFollette and resolution 2019-16 authorizing the issuance of general obligation bonds of the City of LaFollette in the aggregate principal amount of not to exceed $15,100,000 in one or more series; making provision for the issuance, sale and payment of said bonds, establishing the terms thereof and the disposition of proceeds therefrom; and providing for the levy of taxes for the payment of principal of, premium if any, and interest on the bonds.
The council will vote on two additional resolutions. Resolution 2019-13 authorizing administrative services for Tennessee Department of Transportation (Tennessee Department of Transportation Alternatives Program) and Resolution 2019-14 authorizing administrative services for Tennessee Department of Transportation (Tennessee Department of Transportation Multi modal Access Fund Program).
On the agenda for the workshop was a determination of fire fighter Joseph Roach’s employment status. City Administrator Jimmy Jeffries told council the situation had resolved itself, and Roach would be moving back to an auxiliary fire fighter.
The City of La Follette meets in its regular monthly meeting Tuesday, Oct. 1 at 5:30 pm at city hall. (WLAF NEWS PUBLISHED – 10/01/2019-6AM)