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There are only two items on the town
board work session agenda for Tuesday,
Feb. 6, Town Manager Mark Williams said
Tuesday.
Other items may be added
later and frequently are. One will
probably be an update from Clarion
Associates about the progress of the
northeast quadrant plan. The
commissioners may not need it because
four of them and the mayor were at
Tuesday’s meeting at the DuBois Center.
The commissioners and mayor
will meet early, at 5 p.m., for a
continued meeting from Jan. 16 to decide
about the funding for the new electric
substation on the N.C. 98 bypass.
The funding plan Finance
Director Aileen Staples had put together
fell into disarray on the afternoon of
Jan. 16 because she learned the Eastern
Power Agency, to which the town belongs,
does not allow towns to mortgage
electric property or equipment. Staples
had arranged for a 12-year, $2.3-million
loan from Wachovia Bank at 3.74 percent
interest, using the equipment and
property as collateral.
During that hurried
afternoon, Staples was able to pull
together an agreement with Wachovia for
a private revenue bond for the same
amount, time and interest. She asked the
commissioners to continue the Jan. 16
meeting to give her time to polish the
agreement.
The only other item on the
agenda thus far is a review of the draft
agenda for the regular board meeting on
Feb. 20. |
