Washington County Enterprise-Leader
Council Votes To Refinance Bond Issues
ALDERMEN OK BOUNDARIES FOR VOTING WARDS DUE TO ANNEXATION
PRAIRIE GROVE — The city will refinance two outstanding bond issues and save more than $350,000 in interest costs over the life of the debt, following action by the Prairie Grove City Council on May 19.
Council members approved an ordinance to refinance a 2006 issue and a 2009 issue, bonds sold to finance sewer improvements.
Bob Wright with Crews and Associates said the average interest rate for the 2006 issue is 4.79 percent and the average interest rate for the 2009 bond issue is 4.88 percent. These bonds will be refunded and the city will issue $3,375,000 in new debt with an average interest rate of 2.28 percent.
Wright said the city will save $ 373,000, though the economic benefit will not be realized until 2024. The city will close on the bond issue June 30.
Council members also voted to change the boundaries for city voting wards in light of the recent annexation along the new Prairie Grove Bypass. Parts of the newly annexed area were added to Ward 3 and other sections added to Ward 4. The redistricting will not affect current aldermen.
The population for the city’s four voting wards will be 1,130 people in Ward 1; 1,080 in Ward 2; 1,134 in Ward 3 and Ward 4 will have a population of 1,080.
In addition, aldermen approved a recommendation to change the fee for teams and organizations renting ballfields at Rieff Park. Before, the fee was 25 percent of gross receipts, including gate and concessions.
Now, groups will be charged daily fees to rent fields: $ 50/day per field without lights and $ 70/ day per field with lights. Groups also will pay a $20/ day light- use fee, $40/day restroom cleaning fee and a $40/day maintenance and trash fee.
Other fees will be $5 an hour to rent a field for a maximum of two hours or $7/ hour to rent a field with lights for a maximum of two hours.
In other action, the council approved two more ordinances.
One clarifies the requirements for appointing a fire chief and firefighters. The fire chief will be appointed by the mayor and the City Council can override an appointment by a two- thirds vote. The fire chief will appoint each paid firefighter and volunteer firefighter.
This ordinance follows the same requirements recently approved for appointing the police chief and police officers.
Another approved ordinance amends the Prairie Grove Municipal Code regarding the posting of ordinances.
The city is required to post ordinances passed by the City Council in five places.
The five places will be City Hall, city water department, library, children’s library and a public kiosk located in front of the former police department.