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Council rejects $761,000 Arkansas Natural Resources Division loan and opts to use reserves
Summary
The council adopted Resolution 2026-18 to reject a $761,000 loan offered by the Arkansas Natural Resources Division for the project, saying the city has sufficient reserves; the measure passed by voice vote.
The council voted to adopt Resolution 2026-18 on March 31, 2026, formally rejecting financial assistance offered by the Arkansas Natural Resources Division and authorizing the mayor and/or city clerk to sign documents effecting the rejection.
The Chair explained the city had been offered a $761,000 loan but said the city does not need that borrowing because it has reserves to cover the project cost. "We don't need it. We have reserves to take care of this," the Chair said during the resolution introduction. A council member moved adoption, another seconded, and the Chair declared the motion carried after a voice vote.
The resolution instructs the city to decline the Arkansas Natural Resources Division loan; no alternative financing terms or conditions were proposed in the meeting. The council moved to adjourn after taking the vote.
