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Republic council approves up to $1 million bank facility to fund JR Martin Park upgrades
Summary
Republic City Council authorized the chief financial officer to secure up to $1,000,000 from Arvest Bank to complete a redesigned JR Martin Park project after higher-than-expected bids reduced available bond proceeds; council approved the resolution 6-0.
Republic City Council voted unanimously to authorize the city’s chief financial officer to finalize and secure a term facility of up to $1,000,000 with Arvest Bank to fund upgrades at JR Martin Park.
Chief Financial Officer Bob Ford told the council the city issued $10 million in Series 23 special obligation bonds in March 2023, intended to fund a roughly $8 million expansion of the Rush facility and about $2 million for JR Martin Park. Ford said the Rush and new courts at Miller Park have consumed about $8.7 million of the bond proceeds and that Parks currently has $1.3 million set aside for JR…
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