Finance & Administration Council Committee - Regular Meeting

All right, good afternoon, everybody. It's time to call this meeting to order. Next up is roll call, so please record your attendance. Everybody's present? We do have a quorum. Next up is approval of minutes from the Finance Committee meeting on Tuesday, July 28, 2026.

Move to approve unless there's noted change.

Second. Motion to second. Any questions or comments on the minutes as presented? If not, please record your vote on whether or not to approve the minutes. All right, we'll move into new business. The first few items are municipal lien, so I'll just read those by title only. Resolution 26092, resolution by the City Council of the City of Jonesboro, Arkansas. Place of municipal lien on property located at 211 Scott, parcel 01-144, 172-05700. owned by Linda Lou Lambert in the amount of $275.

Move forward to full council. Second.

Any questions or comments from the committee or anyone in council chambers? Not. Please record your vote on whether or not to forward to full council. Resolution 26093, resolution by the City Council, City of Jonesboro, Arkansas, Place the municipal lien on property located at 2612 Crawford Drive, partial 01-144-273-02300 owned by Randy and Allie Crawford in the amount of $275.

Move forward to full council. Second.

Motion seconded forward to full council. Any questions or comments from the committee or anyone in council chambers? Seeing none, please record your vote on whether or not to forward resolution 26093 to full council. AT RESOLUTION 26094, RESOLUTION BY THE CITY COUNCIL, CITY OF JONESFORD, ARKANSAS, TO PLACE A MUNICIPAL LAND ON PROPERTY LOCATED AT 2404 BRAZOS, PARTIAL OF 01-144-281-29400, OWNED BY KINGDOM ASSETS LLC, THE AMOUNT OF $275. MOTION TO FULL COUNCIL. SECOND. MOTION TO SECOND. ANY QUESTIONS OR COMMENTS FROM THE COMMITTEE OR ANYONE IN COUNCIL CHAMBERS? Seeing none, please record your vote on whether or not to forward Resolution 26094 to full council. All right, Resolution 26095. Resolution by the City Council of the City of Jonesboro, Arkansas to place the municipal land on property located at 213 Nisbet, parcel 01-143-134-00400 owned by Francisco Jr. and Arizma Cordova in the amount of $275.

Move for the full council.

Second. Motion second for the full council. Any questions or comments from the committee or anyone in council chambers on this item? Seeing none, please record your vote on whether or not to forward resolution 26095 to full council. All right. Resolution 26096. Resolution by the City Council of the City of Johnsonville, Arkansas, to place the municipal lien on property located at 700 Melody, parcel 01-143-244-27500, owned by Patino, Ignacio, and Emily, in the amount of $275.

Move for the full council. Second.

Motion to second on this item. Motion to second. Any questions or comments on this item? Seeing none, please record your vote on whether or not to forward Resolution 26-096 to full council. Resolution 26-097.

Mr. Chairman, I was informed that that had been paid, and the request would be postponed indefinitely. So that's my motion.

I have a motion and a second to postpone indefinitely. Any questions or comments? Please record your vote on whether or not to postpone indefinitely Resolution 26-097. Right. Resolution 26098. Resolution authorizing the City of Jonesville, Arkansas and Grants and Community Development Department to apply for the FY2027 Outdoor Recreation Matching Grant from the Arkansas Department of Parks, Heritage, and Tourism. Whereas the City of Jonesville, Arkansas seeks to improve recreation facilities and wishes to seek grant funding assistance. And whereas in order to obtain the funds necessary to enhance and expand playground facilities at Craig Head Forest Park, It is necessary to obtain an outdoor recreation matching grant from the Arkansas Department of Parks, Heritage, and Tourism. Whereas the plans for such recreation areas have been prepared in the price of $999,980, with the city's match totaling $499,990, therefore has been established, and whereas Jonesboro City Council is well aware and apprised of the above-mentioned project and will provide the local portion of the development costs of the entire project, And whereas this governing body understands the grantee and grantor will enter into a binding agreement which operates both parties to policies and procedures contained within the outdoor recreation matching grant application guide, including but not limited to the following. The park area defined by the project boundary map submitted with the application must remain in outdoor recreation use in perpetuity. Regardless if the property is bought or developed with matching grant funds and all future overhead utility lines within the project boundary must be placed underground and the project area must remain open and available for use by the public at all reasonable times of the day and year. Facilities can be reserved for special events, league play, et cetera, but cannot be reserved, leased, or assigned for exclusive use and the project area must be kept clean, maintained, and operated in a safe and helpful manner and therefore be resolved by City Council for the City of Jonesboro, Arkansas that Section 1, the Jonesboro City Council supports the submission of the FY2027 Outdoor Recreation Matching Grant application to the Arkansas Department of Parks, Heritage, and Tourism for inclusive playground equipment, splash pad, and other amenities at Craighead Forest Park. Section 2, the Mayor and City Clerk are hereby authorized by the City Council for the City of Jonesboro, Arkansas to execute all necessary documents to effectuate the application. Section three, the Grants and Community Development Department is hereby authorized by the City Council for the City of Jonesboro to submit all necessary documents for this grant. Section four, the City Council does hereby authorize the Mayor and City Clerk, excuse me, to execute all agreements and contracts regarding any future award of the Outdoor Recreation Matching Grant.

Move forward to full council. Second.

Motion to second, forward to full council. Any questions from the committee?

Yes, sir, I do. Probably four. Mr. J, so this is a million dollar grant we're seeking and we're matching it half a million dollars. Is that correct? Is that what I see? You need to come to the podium. And my follow up is, my follow up is, is two part. One, how, how, What's the probability of us receiving that, potentially? And then the second part of that is, is it wise? Because I'm thinking, OK, what are we doing at Craighead? Because I know we got this East Jonesboro going. And that's a lot of money for that.

Yeah, and that's a discussion we had as far as the matching amount and whether or not that's something we'd be able to commit to in the future as far as matching the 50-50 grant or whatever to do that project out there. Obviously there's been some issues with the playground out there and then the splash pad, the chance to enhance that and go from a system that's not using chemicals to something that's not. So those are the things that we talked about and discussed when deciding to apply for this particular grant for that facility or that facility. And so, you know, I mean, the chances, I mean, I don't, I mean, I really can't give you, you know, a good percentage chance. I mean, I wouldn't say, you know, It's a competitive grant. We've gotten it in the past. We just got it a couple years ago for the new playground. Is that at Allen Park? Is that right? Yeah, the inclusive playground that they did out there at Allen Park a couple years ago. So the chances that we'll turn around and get another one this soon have increased. probably doesn't weigh in our favor, I guess, but it's an opportunity to develop that playground and that splash pad, we thought we'd at least go for it and see what we can get.

So I understand what you're saying as far as probability, and I've worked with Grant, and that's been my background for a while, and so I do understand that there are some preliminary conversations many times. it still leads me to the last part of my question. And that was, what was the decision on doing it? Because obviously, hey, we're looking to apply for this to get this. So that means we have allotted $499,000 plus for this particular grant. And I'm just trying to wrap my head around this when I know we got East coming. And so I just wanted to know what was the decision from you and administration to even apply and not I'm just wondering if was that a conversation and what's the plan on paying for this other piece?

Well, it was a conversation as far as on my end saying, hey, this is what we're looking at. This is what the matching would be. Are y'all okay with me and our department submitting this grant knowing that if we can get it, that we're looking at potential 499,000 expenditure. And that was my discussion with the administration as far as is this something we think we wanna go for? Because I mean, the deal with grants, you're looking at a lot of matching grants and we've got several that are out there that we wanna try and go for, but we wanna make sure that, hey, if we're getting these, we wanna be able to have some matching funds I get that part. I can't tell you.

I think we may be asking the wrong person. He applies for grants that he's told to apply for. I think parks and admin need to step in here.

Where the matching comes from, I don't know. But I was told I could apply for it.

Sorry. Just to address part of that, so the advisory board for the Parks and Rec, we have a champion in that board with one of our members that wants to approach back to the rotaries as they built that park originally, and they want to start beginning that thought process as a capital campaign to help fund that other park. I don't know if they'll intend to raise that much money, but I know that they're willing to also partner. That playground relatively is at the end of its life, And I know that that's something that Rotary Club has mentioned to our board, that they'd be willing to start looking at that again like they did previously 21 years ago to raise money to match. Hopefully they get a big enough capital campaign and they raise that matching amount, but at least they're willing to raise as much as they can to eliminate that debt for the city. Okay.

Just for a little bit of background on this, I believe that park is 21 years old, maybe a little bit more than that. Councilman Street, I think you're part of that original effort whenever that happened out there. Craighead Forest sees well over 100,000 visitors a year. I would dare say that is the most heavily visited playground Loved might be the right word. It's heavily loved, and kids can really do a number on heavily loved objects, and that one, it's seen its better days. We're working to repair some issues out there. regardless of this grant or not, the city is going to have to make some serious investments in that playground structure out there. And so, you know, whether or not we apply for this grant, I fully anticipate that in next year's budget, you're gonna see some funding to address playground needs out at Crooked Forest. I mean, you know, it's obviously the jewel of the city and it's our most, you know, It's a bragging point that we like to brag about to the community and we encourage kids to come out there. It's just important that first impressions when children and parents go out there that they go to a top notch playground and not one that's under a constant state of repair and I'm afraid that's what we're gonna get into. We're gonna chase down more repairs on that playground constantly and we had to close it down for some repairs earlier this year. It's a priority for the city and for the parks department. I'm gonna assume the advisory board understands the importance of that playground as well. It's part of our program to try to get ahead of playgrounds before they get to this point. That's kind of the impetus of the Master Parks Plan to help lay out kind of a preventative maintenance. It all costs money, and we're not just flush with it here at the city, so when these grants come available, we like to look at them as an opportunity to help multiply our dollars to provide the kind of amenities the city needs and deserves.

Okay, so I didn't, well, I think Mr. Clayton had, I didn't finish my question.

The only thing I'm saying is my at last question has not been addressed. And that's really, the question is, I'm with you for the safety, for the betterment of Craig Head. I got it. I'm with you. I'm asking why was the decision made for that when we know we have this? And my question is, where are we going to get the money to make sure that we get East Jonesboro done as well. how I'm trying to correlate. You're asking for a grant, half a million dollars we're gonna raise. We don't know how much. It's gonna have to come from somewhere. Well, we're paying for that.

Where's the money coming from? East. So the city has identified, I believe it's somewhere around just a little south of $4 million to help fund phase one of the East Jonesboro Park project. And being as how that was part of another state parks grant, the likelihood of... the same entity granting a grant to go on top of another grant for that park is probably rather slim if it's even eligible. And so obviously things come about that you didn't necessarily prepare for, but with that playground being of its age, it's not a shock. But so this funding, I would, I would venture to say that the likelihood of us getting this grant to go for that Eastern Park is very slim, if even remote is the right word. That project over there, again, it's part of another grant, and we would be asking to duplicate grants, and I don't think that that would fare very well in our application process. So this seemed like the most viable project that we had, that we've got the usage numbers to justify it. and this won't take away from the ability to fund that eastern part. Ms. Williams.

Ms. Williams.

Ms. Williams. Ms. Williams. Ms. Williams. Ms. Williams. Ms. Williams. Ms. Williams. Ms. Williams. Ms. Williams. Ms. Williams. Ms. Williams.

But that's money well spent to safeguard the millions of dollars of investments we've got inside it.

Correct. Coming second.

I guess my question is, if we get that grant, is that just for one park or can that be spread? Because we got a lot of our parks, the equipment is getting as bad as old. So I guess I'm wondering if you get that much money, can it not be spread to some of the other parks too at the same time?

This grant is project specific. And so forth, that's the application that we're moving forward with. It's specific to this playground. Most of your playgrounds are going to be at this point high six, seven figure investments by the city. And if we're able to secure this, we'll much like we did with the Allen Park playground. We'll continue seeking grants to help make some adjustments. We would love to get in a position where we're making these investments before they're in dire need.

And so that's a... Well, I guess along with that question, since I'm on the advisory committee, my question has always been, do we have a list of when this needs repaired or when this needs to be replaced or that needs replaced? I think that would help the council understand because, you know, all these parks are quite old. And I think that some of them right now, there's some repairs that need to be done, you know, immediately. So is that money going to be set aside to, to have a, I guess the question I asked you once before, is there a document that says this park feed or this park feed, is there a priority of list of parks of how we do something, you know, Maybe Jim can answer that.

Sure, I think he's gonna reference the Master Parks Plan. I'll get out of his way.

I will reference the Master Parks Plan. My next meeting with the advisory board is up to August 19th. And that meeting is solely devoted to pricing increases of our facilities and a needs assessment of what parks we have. And so we want them to put that needs assessment together to present to you, Finance Committee, to see what that priority list is based on their opinions.

Now, will we be making, the council be making the priority, or would you, Jim, be making, telling us what you think would be the priority as far as, yeah.

Yes, sir. I have a list turned in by my staff, and then I have a top 15 of that list that I'm going to present to the board on the 19th.

Thank you. Anybody else on the committee have any questions regarding this agenda item? Anybody from staff have any other comments or from the public in attendance? Seeing none, please cast your vote on whether or not to forward resolution 26098 to full council. Resolution 26100. This resolution is authorized the Grants and Community Development Department to apply for funding through the Delta Regional Authority's 2026 Community Infrastructure Fund, whereas the Delta Regional Authority was created to promote economic development and foster partnerships that have a positive impact through the Delta region, and whereas the City of Jonesboro, Arkansas intends to apply for 671,000 in funding through the DRA Community Infrastructure Fund 2026 for the retrofitting of the city's incinerator, and whereas the City of Jonesboro will provide $67,100 in matching funds at a cost share ratio of 90-10 for this grant award, and whereas DRA requires that individual be designated and authorized to administer the award and perform all duties related thereto on behalf of the City of Jonesboro, and whereas the City of Jonesboro is committed to fulfilling all applicable requirements associated with the DRA funding opportunity, and therefore be it resolved by the City Council for the City of Jonesboro, Arkansas, Section 1, the Jonesboro City Council supports the submission of the 2026 Community Infrastructure Fund application to the Delta Regional Authority. Section 2, the Mayor and City Clerk are hereby authorized by the City Council for the City of Jonesboro, Arkansas to execute all necessary documents to effectuate the application. Section 3, the Grants and Community Development Department is hereby authorized by the City Council for the City of Jonesboro to submit all necessary documents for this grant. Section four, the city council does hereby authorize the mayor and city clerk to execute all agreements and contracts regarding any future award of the community infrastructure fund grant.

Move forward to full council. Second.

Motion second, forward to full council. Any questions from the committee regarding this item?

Mr. Chairman, just real quick. Is this to, I guess it's just a repair? Is this to fix the incinerator to get it functional again?

they just sit closer to the microphone the mic and say correct okay yeah you as you know our incinerator has been down for a bit uh we need new panels i need heat resistant panels uh in order to get it operational again this was a grand opportunity that became available for infrastructure from delta regional authority and that is a project that we have current bids on and have gone through a procurement process with, and so we're just trying to secure those outside funds in order to offset a cost related to that project. It did require no match, but it also indicated that priority was given to grants with applications with the match. Therefore, you'll see a 10% match in a 90% grant share.

Any other questions from the committee? I was gonna let him go back and sit down and then, I think you're good.

Yeah, all right.

Any questions from the public in attendance? Anything else from staff? All right, if not, please record your vote on whether or not to forward resolution 26-100 to full council. Resolution 26099. Resolution by the City Council of the City of Jonesboro, Arkansas to enter into a contract to purchase property located at 1709 East Highland Drive for Jonesboro Police Department operations. Whereas the Jonesboro Police Department is currently working out of five different facilities following the emergency closure of the Justice Complex on Washington Avenue. And whereas these displaced divisions result in a barrier to interdepartmental communication and creates hardship for public access. Whereas three of the temporary workspaces are in community centers, resulting in a reduction of usable community space for programming and events. Whereas the proposed space includes 14,418 square feet, consisting of approximately 30 office spaces, two conference rooms, multiple break rooms, 51 parking spots, and an enclosed garage space. And whereas the property has been reviewed by a licensed appraiser to provide a defendable market value that concluded the contract price was fair and reasonable, and whereas the City of Jonesboro desires to enter into a contract to purchase the property at 1709 East Highland Drive, commonly referred to as the Shelter Insurance Building, for $2,750,000 plus associated closing costs and fees, and whereas funding for the purchase price shall be approved via short-term Act 78 loan of $3 million to support the purchase and necessary facility adjustments, Now therefore be resolved by the City Council of the City of Jonesboro, Arkansas that section one, the City of Jonesboro, Arkansas shall execute a contract with Halsey Real Estate for the purchase of property located at 1709 East Island Drive, commonly referred to as a shelter insurance building, for a purchase price of $2,750,000 plus applicable fees and costs. Section two, the Jonesboro City Council endorses the pursuit of amendment 78 short term, financing to fund the above stated purchase. Section three, the mayor and city clerk are hereby authorized by the city council for the city of Jonesboro to execute all documents necessary to effectuate these agreements.

Move forward to full council. Second.

Motion seconded. Forward to full council. Any questions or comments from the committee?

I do, Mr. Chairman. So have we had an inspection? Do we have that? I don't have the report. That's the only reason I'm asking. I'd like to see the report. Um, And really, before I vote on spending taxpayer money, I would like to see a report on that, the inspection, but also, I asked for it last time we met, a financial analysis that shows me not only the cost to purchase, renovation, maybe even look at where the funds come from. I know that we talked about that a little bit, but I really would like to see how that impacts us also. How is that gonna impact the PD when it comes to them being fully staffed, as well as if we're looking at making I know this is in your lane, but at the same time, I want to get this question out. Also, if we were fully staffed with pay raises, incentive pay, whatever the case may be, I ask for that as well. I have not received that. I don't know why I have not, but I have not received that. So I would appreciate that information as well. Like I said before, I vote on that. I feel like I need to have all that information. I appreciate you could get up there to speak now, Craig, but at the same time, I don't have anything in my hands to look at that is an inspection report.

I'll go print a copy for you. I got it this morning.

Okay. Let me say this. because I feel like we all need to have that in time to review it, I really do. This is a big deal, I mean, it's needed, but at the same time, we're spending taxpayer money and we need to be able to look this stuff over and have all the information in hand before we make a commitment. If you wanna print one, that's fine, but I know everybody else should have one as well.

I'm sure we can figure out a way to enter it into legislature along with this resolution.

Just to be clear, tonight it's just about forwarding this to council. We're not obligating the city to anything tonight.

I know that, but at the same time, we need to review all this information. Mr. Street made a recommendation. I'll make one as well. I'll move to postpone until the next finance meeting until we have that information as well as financial. I don't think there's a... Again, I don't know if this is my money. I'm not doing it without an inspection. I'm not doing it without all of us knowing all the cards on the table that we're able to see and articulate to the public why or if this is a good building. Maybe we need to renegotiate, but I'll make that motion to postpone to the next finance meeting, which I think is the 25th. Is that correct?

I don't hear a second, so that motion fails.

Okay.

Wait a second.

That's fine. Okay.

All right. Any other questions or comments from the committee?

Mr. Chairman, I have received, this is a statement prepared by Mayor Copenhaber, and I was just going to read it. I'll just read it as stated. By all accounts, it is a good and sturdy and certainly well-kept facility. It has lots of office spaces, includes furniture, and is in very favorable location, both for our intended use and for future potential resale. Following a request made at last week's meeting, we engaged an independent inspector to look at the building. So now we have had architects, the city engineer, inspector, and maintenance staff, along with an independent inspector, look over the building. This facility fits what we need. Our police leadership has looked at it. An appraiser has also reviewed the pricing. Not only does it allow us to consolidate our police department into two facilities, but it also frees up our community centers and will allow them to be returned back fully to the public. Since the emergency closure of the justice complex, our police have been working out of temporary facilities including Allen Park and Parker Park Community Centers and the E. Boone Watson Center, which is home to our beloved African American Cultural Museum, which has been significantly impacted from a public access standpoint. While this purchase does cost money at approximately $200 a square foot, it is significantly cheap that the building, that building new? It is significantly cheap, that building, as compared to new. I think that's that. Also doing nothing comes with a price tag. We have serious repair needs at the old city hall building. We deemed it not feasible more than 20 years ago. It needs a new roof as of right now and that's a couple hundred thousand dollars. It additionally needs HVAC work and the parts of it flood and countless other items that would need immediate attention. We do not need to sink good money into a facility that we all know is bad. Staff put together a thorough FAQ for both council and the public, and I hope that provides adequate information for both council to make an informed decision and for the public to understand why this facility has been put forth for consideration. And Mayor says that he apologizes. He had another event today, a ribbon cutting that he needed to be at. I think that was, was that Senator Bozeman's office, Brian? Senator, excuse me. Congressman Crawford's office that he was at today presenting the key of the city. So that's his statement that he wanted to send over. Thank you. Any other questions or comments from the committee?

I'll say it again. I don't think we got, with us not having, I don't have eyes on it. I don't know if everybody else is okay with it. I'm not okay with us doing it right now. I'd like to have some more. Again, if the facility's good, inspection came back great, by all means, let's go. But at the same time, we should know. I know driving by almost every day, there's a leak out in the road I don't know if it's from the city, I don't know if it's the part of the building, but we don't have all the information to know. Again, I even highlighted a couple of spots that were water spots, there was water intrusion. We need to know this stuff so we don't all of a sudden jump in there and have to spend another, not only 300,000, maybe we gotta come up with another 300,000 to spend. So I can't support it today, but not saying I won't in the future. Thank you.

So, yes sir, thank you. So we'll have that information in before the next meeting, Brian and thank you.

Brian shook his head. Yes. For the record. That was an affirmative nod.

Yeah, we'll have the, uh, we'll have the inspection report from the independent inspector, and I just wanted to just point back out that, like Councilman Emerson said, that we did have an architect, city engineer, city inspector, and city building staff also look at it. And I went back, Councilman McLean, and read the disclosure report that you pointed to about water intrusion. I think that was back in 2016, and I think it was due to a downspout and some landscaping that has since been corrected. So I just wanted to, bring that point point up but I'll uh like I said we after your request Thursday City Engineer Lide quickly worked to get an independent inspector over there to look at it and you know I know that was completed yesterday and apparently we we do have that report back obviously we've been been a pretty crazy day with being capital today and main street work and all that kind of stuff. But all indications are, I don't believe there was anything major of note on there, but I think he's working on trying to get that sent around now. But that would absolutely be in your hands well before this part go to council. And I'll just say that if we, If there's anything else that you need, we're happy to include that on any kind of FAQ document. We're happy to live with that. It can be a living document and add to it, but we just want to provide as much information as possible so every one of you can be comfortable making not only a decision, but also explaining it to your constituents as well.

Thank you.

I'd like to say something. I've mentioned this to several people I know about the proposal, and all of them, including one who's a real estate agent and knowledgeable and has office near there, were pleasantly surprised with this idea. They said, that sounds like a really good idea. And they were very positive as far as the plan to do this for a number of reasons. And so the response has been good, among those I've mentioned it to. DAVID BURRAGE.

Anything else from the committee? Anything else from staff or the public in attendance? Seeing none, all those in, please cast your Your vote on whether or not to forward Resolution 26099 to full council. Next up is Ordinance 26028. This is an ordinance authorizing the issuance of a general revenue promissory note for the purchase and improvements of a police facility located at 1709 East Highland Drive, Jonesboro, Arkansas. providing for the payment of the principle of and interest on the note declaring an emergency and prescribing other matters related thereto. Whereas the City of Jonesboro, Arkansas is authorized and empowered under the provisions of Amendment 78 to the Arkansas Constitution and the provisions of Arkansas Code Annotated Section 1478-1001. to issue notes and expend the proceeds thereof to finance all or a portion of the cost of acquiring, construction, improving real property and tangible personal property, having an expected useful life of more than one year. And whereas the city proposes to finance the cost of acquisition, construction, improvement of a police facility located at 1709 East Highland Drive, Jonesboro, Arkansas, whereas the city will issue its promissory note in the maximum principal amount of $3 million under the act for the purpose of financing the purchase price and improvements to the property to be financed. Whereas the city published a notice of bids on July 16th, 2026 for securing favorable financing terms for a short-term loan compliant with the act from area financial institutions. And whereas Arvis bank offered the most competitive terms for a loan compliant with the act. whereas the loan terms included an interest rate of 4.83%, fixed for the duration of the loan, amortized over 60 months with principal and interest paid monthly, no fees and no prepayment penalties. Now, therefore, be it ordained by the City Council of the City of Jonesboro, Arkansas, Section 1, the City Council hereby finds that the property to be financed is real property, intangible personal property, will have a useful life of more than one year, The city council further finds that the maximum principal amount of the note in the city's outstanding indebtedness issued or incurred under amendment number 78 does not exceed 5% of the excess value of the taxable personal property okayed within the city as determined by the last tax assessment. Section two, under the authority of the constitution laws of the state of Arkansas, including particularly amendment number 78 and the act, the notice hereby authorized and ordered issued in the maximum principal amount of $3 million for the purpose of financing the cost and improvements of the property to be financed and paying expenses, if any, of issuing the note. The note shall be dated. The date of issuance shall bear interest on the outstanding principal amount at a fixed rate not to exceed 4.83% per annum. The loan will be amortized over 60 months with interest and principal being paid monthly. The note shall be executed by the mayor and city clerk and the seal of the city shall be affixed to the note. Section three, the note shall be issued to the lender in consideration for the loan. Section four, as provided, excuse me, in amendment number 78, the monthly debt service payments on the note shall be charged against and paid from general revenues of the city for the purpose of making the monthly debt service payments that is hereby and shall be appropriated to pay the note an amount of general revenues of the city sufficient for such purposes. The finance director or designee is hereby authorized and directed to withdraw from the general fund of the city the amounts and at the times necessary to make the monthly debt service payments on the note. Section 5, the city shall provide such financial information to the lender as the lender may reasonably request. Section 6, the mayor, city attorney, and city clerk are hereby authorized and directed for and on behalf of the city to perform all acts of whatever nature necessary to effect and carry out the authority conferred by this ordinance and to execute all papers, documents, certificates, and other instruments that may be required for the carrying out of such authority or to evidence the exercise thereof. Section seven, severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or word of this ordinance is declared or judged to be invalid or unconstitutional, such declaration or adjudication shall not affect the remaining portion of this ordinance but shall remain in full force in effect as if the portion so declared or adjudged, invalid, or unconstitutional were not originally part of this ordinance. Section 8, repealer. All laws, ordinances, resolution, or parts of the same which are inconsistent with the provision of this ordinance are hereby repealed to the extent of such inconsistency. Section 9, emergency clause. The City Council hereby determines that the acquisition of the property to be financed is essential to the public health, safety and welfare of the citizens of the city and must be financed as quickly as possible. An emergency is therefore declared to exist and this ordinance shall be in full force and effect from and after the date of its execution.

Move to forward to full council. Second.

Motion to second to forward to full council. Any questions or comments from the committee? Anything from staff or the public in attendance? Seeing none, please cast your, or please make your vote on whether or not to forward ordinance 26028 to full council. All right, that was the last item under new business. I'm not aware of any pending items. Does anybody have any other business for the council today? Any public, or you have something? Just under other business?

Yes. I guess for the public, Craig Lott and inspectors and everybody worked really diligently with the property owner downtown, and I guess as we speak, they're probably opening back up Main Street, so thank you to the property owner and to the contractors and engineers that worked really hard, really quick to get this done. And there will still be some adjustments over the next couple days while they finish up their cosmetic work, but just wanted to let you in the public now.

Thank y'all for getting that going. Any, okay, so no other business? Anything under public comments? Any of y'all want to make a public comment that we have not already discussed on today's agenda? All right, if not, we'll move to adjournment.

So moved. Second.

All those in favor say aye. Aye. Any opposed? All right, we stand adjourned. Thank y'all.