Brad Green from Raymond James presented a refinancing option to the city at the last Scottsboro City Council work session and regular meeting held on September 9, 2019.

Green stated interest rates are low, creating an opportunity for the city to refinance three outstanding bonds from 2009 and 2010 at a lower interest rate. Green stated the refinancing would need to be done in two different phases, two completed this year and the remaining funding at the beginning of next year. On the first reimbursement, Green is projecting an interest rate of 2.6% based on current interest rates. Using the Recovery Zone Economic Development (RZED) scenario, a program implemented by Obama to stimulate the economy, and if, for example the interest rate was 2.63% with a 22-year fixed rate, there is a possibility of a combined refund of $685,000. In the event that it will not be feasible for the city to refinance, no fees will be assumed, as there will only be fees incurred by the city at the closing of the transaction.
At the regular meeting immediately following, Council approved and passed the resolution allowing Raymond James to pursue the bond refund.
Scottsboro City Mayor Robin Shelton updated Council on the recycling program that began Monday. The mayor stated they anticipate, over time, for the amount they’re picking up to increase steadily over time. “I’m just glad that’s started back. I can’t announce yet that we received a recycling grant, so we won’t announce that, but we’re excited about what we will be able to announce in the near future. I’m glad everything’s moving forward.”
The annual public transportation resolution 201-09-35 for $45,200 was discussed for renewal. The program goes through the Top of Alabama Regional Council of Governments (TARCOG), and this item, along with the resolution allowing airport improvement funds to be applied for, was approved and passed.
The alcohol license for Susan Webb doing business as Jackson Events, LLC for the BBQ cook-off event was also approved and passed.
The resolution for the drone and drone software to be used for landfill maintenance was motioned but not seconded and died. The total cost for the first year would have been $19,500 and would have included the drone and components, the drone software licensure and on-site training and would have come out of sales tax.

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