Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Estill council amends bond amount, approves $250,000 payment toward Dellinger
Summary
At a Nov. 20 special meeting the Estill Town Council amended the first reading of Ordinance 2024-08 to set the bond amount at $800,000 and approved a $250,000 recurring payment to Dellinger to begin reducing the obligation; both motions passed unanimously.
The Estill Town Council voted unanimously on Nov. 20 to amend the first reading of Ordinance 2024-08 to set the bond amount at $800,000 and approved using $250,000 as a recurring payment to Dellinger to begin paying down the town’s obligation.
Town Administrator Tiffany Cooks told the council she was "exploring other options" because of high interest rates and said she visited Cove Bank as a possible lender so the town might not have to borrow the full $2,000,000 previously discussed. Mayor Kim Wiley asked the council to amend the ordinance amount to $800,000; Councilman Joe N. Hadwin Jr. moved the amendment and Mayor Pro Tem Tammy Solomon seconded. The motion passed 5-0.
Cooks then requested approval to use $250,000 to make a recurring payment to Dellinger to reduce the outstanding bill. Councilman Hadwin moved the payment authorization; Councilman James Williams seconded. The council again voted 5-0 to approve the $250,000 payment.
The actions recorded at the meeting were procedural steps on the ordinance’s first reading and a council-authorized payment. Cooks described the financing discussion as preliminary; she indicated additional borrowing options and amounts remain under consideration and did not state a final financing timetable.
