Jacksonville leaders approve bond refinancing

JACKSONVILLE, Ala. -- City leaders agreed Monday to refinance some debt and gain around $273,000 for taxpayers.

The Jacksonville City Council voted to refinance about $5.4 million in old bonds during its regular meeting Monday. Doing so should net the city $273,000 to cover new capital project costs down the road, city officials said.

The old bonds helped pay for construction of the city's Public Safety Complex and the new Kitty Stone Elementary.

jacksonville-ala

Jarrod Simmons, city administrator, said the city will receive $258,000 from the refinancing Friday. The rest of the amount will be accrued through lower debt repayments over the next few years, Simmons said.

Simmons said all of the saved money will be deposited into the city's capital projects fund.

"The money can be spent on basically any capital project, like renovations to the Public Safety Complex to a recreational project or building a road," Simmons said.

During its work session before the meeting, the council devised its next step toward making Sunday alcohol sales legal in the city.

Gov. Kay Ivey signed a bill into law April 12 that gives the council the authority to make Sunday alcohol sales legal. The council had requested the law, which becomes effective July 1, saying it could help boost Jacksonville's economy. The council must still pass an ordinance to make Sunday sales legal.

The council agreed to hold a work session Monday to discuss what changes, if any, they'd want to write into the city's overall alcohol sales ordinance before adding Sunday sales.

"I think we need to do our due diligence," Councilman Tony Taylor said.

The council also decided it wanted to hold at least two public hearings on the topic before approving a Sunday sales ordinance. Dates for the hearings have not yet been set.

"We need to listen to both sides of this," Councilman Jerry Parris said of Sunday alcohol sales.

Also during the work session, Chief Wade Buckner of the Jacksonville Fire Department discussed proposed increases in ambulance ride fees. Buckner said 2013 was the last time the city raised ambulance fees.

"We need to stay current with the other local providers in the area," Buckner said of ambulance fees. "We need to level the playing field so not anyone is above the other in cost."

Costs per ambulance ride would increase by $10, $25 or $75 depending on the type of medical call under the proposals. The council did not vote on the proposed increases Monday.

The council also discussed buying new cameras for all the Police Department's patrol vehicles. The new cameras would upload their video automatically, allowing officials to view them from any computer connected to the Internet. The cameras and online system would cost $42,000 for the first year and $16,000 annually for the following two to five years. The council agreed to vote on whether to buy the cameras at its next meeting.

Council members said the upgraded cameras would possibly help the city avoid higher costs from lawsuits against the Police Department.

"This will be money well spent," Taylor said.

Tribune Content Agency
Public finance Alabama
MORE FROM BOND BUYER