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Pittman Center weighs financing options for bridge repairs; appoints adviser to solicit RFPs
Summary
Board heard lender quotes for bridge repairs and moved to appoint Cumberland Securities as municipal financial advisor to send out an RFP to find the best rate and term; the minutes record the motion but do not include a vote tally.
At the Jan. 15 meeting the Town of Pittman Center considered options for financing needed bridge repairs and received a brief presentation on lending services and fee structures from John Werner of Cumberland Securities.
The town also received rate quotes from Smartbank and the Tennessee Municipal Bond Fund, according to the minutes. Alderman Billy McCarty moved and Vice Mayor Kevin Howard seconded a motion to approve Cumberland Securities as the town's municipal financial advisor and to authorize the adviser to issue an RFP to financial institutions seeking the best interest rate and term for the bridge repairs. The minutes record the motion but do not include an explicit vote tally or formal outcome language.
The minutes do not list cost estimates for the repairs, expected borrowing amounts, proposed repayment sources, or a project timeline. Administrative follow‑up will be required to issue the RFP, receive proposals, and report back to the board with recommended financing terms.
