Atoka board keeps FY26 IDB funds in savings, authorizes bond draw to cash-flow $10M in wastewater projects and approves litigation settlement

The Atoka Board of Mayor and Aldermen on Nov. 18 declined to release fiscal year 2026 funds to the Atoka Industrial Development Board, instead voting to keep the funds budgeted in savings after public comment raised procurement and oversight concerns.

During public comment, resident Josh Price questioned the IDB’s proposed use of funds to hire Economic Development Advisors LLC and reported a $40,000-to-$50,000 bid; Mayor Barry Aiken told Price the IDB is a statutory, separate entity and encouraged him to raise details at the IDB meeting. On the council floor aldermen debated whether to use the savings for culvert debt or to release money to the IDB; the board moved to keep the money in savings and the motion passed.

Separately, staff presented a resolution to authorize short-term indebtedness not to exceed $3,000,000 through the Tennessee Municipal Bond Fund to cash-flow roughly $10,000,000 of wastewater projects while awaiting ARPA reimbursements. Administrator Mark said available cash on hand is about $2,000,000 and the loan rate was locked at 4.38%. The board approved the measure by voice vote to ensure timely payments while grant reimbursements are processed.

Town attorney Will presented terms of a mediated settlement in a litigation brought by Christopher and Jennifer Hacker alleging property damage. The settlement calls for a $15,000 payment covered by the town's insurance, investigative work and testing within 90 days to determine whether a town-owned leak exists, and a contingent additional $30,000 payment if a town leak is found; there is no admission of liability. The board approved the settlement on a roll-call vote.