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Council adopts water revenue bond to fund Rogers Mills treatment-plant work for Conway Corporation
Summary
Conway City Council adopted ordinance O25-41 authorizing an $8 million state loan structure to complete the Rogers Mills water treatment plant for Conway Corporation; the council approved the bond with an emergency clause by an 8-0 vote.
Conway City Council on May 13 adopted an ordinance approving a water revenue improvement bond to finance completion of the Rogers Mills water treatment plant for Conway Corporation, approving the ordinance O25-41 with an emergency clause by an 8-0 vote.
The bond was described by Gordon Wilburn of QTAC Rock, bond counsel for Conway Corporation, as a direct state loan structured the same as bonds previously issued for the project. Wilburn said the loan amount is $8,000,002.67, the interest rate is 3 percent and there is a 1 percent servicing fee.
The ordinance makes the city the issuer of the bonds while Conway Corporation will repay the debt; that distinction was stated during council discussion. Councilmember Keith Hawkins moved the item forward from the Community Development Committee and the council voted to adopt the ordinance and the emergency clause.
The measure follows two prior public hearings, the most recent in January, and council members did not raise additional questions at the meeting. No dissenting votes were recorded.
The council did not discuss specific repayment terms beyond the statement that Conway Corporation, not the City of Conway, will repay the bonds. Council members said they were available to answer questions but no further public comment was taken at the adoption vote.
The ordinance passed 8 to 0; the council recorded the emergency-clause vote separately and passed that clause 8 to 0 as well.
