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Henderson Council approves grant application, regional water model and loan terms for capital equipment
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Summary
The Council unanimously approved three finance-related measures: submitting a JAG grant application to buy five downtown surveillance cameras (city share $36,359), implementing the Stantec financial model for the Kerr Lake Regional Water System (no immediate rate change), and approving five-year loan financing at 4.5% from Benchmark Bank for FY23-24 capital equipment purchases.
Henderson City Council on Aug. 14 unanimously approved a set of measures to pursue grant funding, implement a regional water financial model, and secure loan financing for capital equipment.
Justice Assistance Grant: City Manager E. Terrell Blackmon said the U.S. Department of Justice Bureau of Justice Assistance grant (JAG) would be a shared award with Vance County to purchase five surveillance camera systems for downtown. If awarded, the City’s portion would be $36,359 and the Vance County Sheriff’s Office would receive $22,986. Council approved Resolution 23-25 to submit the application (motion by Councilmember Melissa Elliott; second by Councilmember Sara M. Coffey).
Kerr Lake Regional Water System financial model: The Council approved Resolution 23-38 to implement the Stantec financial model previously adopted for the Kerr Lake Regional Water System partnership with Oxford and Warrenton. City staff said the resolution does not change current city water rates immediately; it authorizes implementation of the model so rates can later be adjusted when debt service for expansion and system upgrades comes due.
Loan financing for capital equipment: Finance Director Joey Fuqua said the city solicited bids for five-year loan financing for approved FY23-24 capital equipment purchases. Benchmark Bank offered the lowest bid at 4.5 percent; Council approved Resolution 23-39 to accept the terms (motion by Councilmember Melissa Elliott; second by Councilmember Sara M. Coffey).
Why it matters: The JAG application could fund public-safety cameras downtown, the KLRWS action sets the financial framework for future rate adjustments among regional partners, and the loan terms allow the city to proceed with budgeted capital purchases without a large up-front cash outlay.
What’s next: Staff will submit the JAG application, coordinate KLRWS implementation with partner jurisdictions, and execute loan documents as approved by Council. Council recorded all three actions in Resolution Book 7.