Council plans to refinance debt service

City of Siloam Springs managers are expected to consider refinancing income bonds from 2015 on Tuesday to take advantage of current low interest rates.

A proposal is on the board to refinance Series 2015 bonds by issuing Series 2021A and 2021B bonds, according to a staff report prepared by city administrator Phillip Patterson on May 25. rate, which will save John Brown University on debt service charges, the report says.

The Public Facilities Board (PFB) was established on July 7, 1987, the report says. The PFB’s mission is limited to funding and supporting post-secondary educational institutions, the report says.

JBU is the only post-secondary institution supported by PFB, the report says. The original capital improvement bonds were issued on Dec. 28, 2000 for $ 10 million, according to Dr. Kim Hadley, vice president of finance and administration at JBU.

These bonds were used to finance the construction, renovation and equipment of some capital improvements on the JBU campus, the report said.

The bonds were refinanced through the issuance of the 2009 Series of Redemption Income Bonds, the report said. In 2015, the bonds were also refinanced as Series 2015 bonds. The current debt and debt created by Series 2021A and 2021B bonds are the responsibility of JBU, the report says. The city assumes no financial responsibility, the report said.

City directors will also consider applying for grants from the Institute for Museum and Library Services, according to a staff report prepared by library director Dolores Deuel on May 21.

The American Rescue Plan Act of 2021 allocated $ 200 million to the Institute of Museum and Library Services to fund the pandemic response, the report said. The funds will be distributed to states, which will then distribute them to local libraries, the report says.

The Siloam Springs Public Library could receive up to $ 19,234, the report says. Library staff are proposing to use part of the funds to replace three of the four AWE learning stations, the report says. AWE computers are educational computers without internet access designed for preschool and elementary-aged children, the report says.

The library has four AWE stations that are used frequently, the report says. AWE computers cost $ 4,300 per computer, and any remaining grant funds would be used for other library materials and expenses, the report said.

Since the funds can be used in more than one area, the purchase of electronic content material would also be applied to a portion of the rest of the funds, the report says.

The city council will also discuss and vote on the following points:

Consent program

• Report of the workshop of May 18.

• Regular report of the May 18th municipal council meeting.

• Dedication of utility easements for the 2900 block of East Highway 412.

• Dedication of utility easements for the 14300 block of Cozy Corners Road.

• Dedication of utility easements for the 1800 block of Dawn Hill Road.

• Resolution 20-21 re Major Development Permit for 22100 Block of Highway 16 (Rock Hill Food Packaging and Distribution Facility).

• Resolution 21-21 re Special Purpose Development Permit for 305 S. Mount Olive St.

• Resolution 22-21 concerning the final development permit for the plateaus for the 2300 block of North Mount Olive Street.

• Resolution 23-21 concerning the final flat development permit for the 2900 block of Cheri Whitlock Drive for the addition of the secondary school.

Ordinances

• Place ordinance 21-08 concerning the rezoning of block 2900 of Cheri Whitlock Drive from A-1 (agricultural) to C-2 (commercial route) and GI (general establishment) on first reading.

• Ordinance 21-09 concerning the rezoning of 1803 Dawn Hill Road from A-1 (Agriculture) to R-2 (Roadway Commercial) on first reading.

• On first reading, ordinance 2110 concerning the rezoning 3550 of route 412 E. from I-2 (light industry) to C-2 (commercial route).

Staff reports

• Regulation respecting tattoo parlors.

• ADA fishing pier at City Lake.

• April financial data

• Administrator’s report.


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