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Spring City approves up to $425,000 general-obligation note; one commissioner votes no
Summary
The Spring City Commission voted 4-1 on June 6 to authorize a general-obligation capital outlay note of up to $425,000, with Commissioner Kevin Jenkins casting the lone dissent. The resolution allows levy of tax if necessary to pay principal and interest.
The Spring City Commission voted 4-1 on June 6 to authorize the issuance of a general-obligation capital outlay note not to exceed $425,000, with Commissioner Kevin Jenkins voting no and the other four members voting in favor.
The resolution authorizes the town to issue, sell and pay the note, prescribes terms and the disposition of proceeds, and includes a provision to levy taxes if necessary to pay principal and interest. The minutes record the formal vote but do not specify a mover or the intended capital projects to be funded from the note.
Commissioner Kevin Jenkins was the lone dissenting vote; Commissioners Jody Bauer, Reba Murphy, Vice-Mayor Leon Locke and Mayor Woody Evans recorded affirmative votes. The commission did not include additional discussion of alternatives or a funding schedule in the minutes.
Next steps: the resolution authorizes issuance procedures; any sale or financing will follow the town’s subsequent administrative and statutory steps. The minutes do not specify a sale date or specific projects to receive the proceeds.
