Drainage work performed in a White Hall residential subdivision under a state grant passed its final inspection last Wednesday, said Wanda Madera, planner for the Southeast Arkansas Economic Development District.
The work was designed to limit flooding damage in the Whitefield Subdivision at the city’s northeast edge. Some property sustained damage from flooding in 2008, Mayor Noel Foster said during a public hearing before the Jan. 22 White Hall City Council meeting.
Aldermen approved a proposed ordinance to retire two existing utility revenue bonds issues totaling $2.54 million with proceeds from a new bond issue with a lower interest rate at the council meeting.
Foster said the refunding issue should save the municipality $129,000 over the next 15 years because of lower interest rates for tax-exempt municipal securities.
The 2013 water and sewer bond issue will be retired over the same time period as the 1999 issue with an interest rate of 3.25 percent and 2007 issue with an interest rate of 4.28 percent. However, the interest on the refunding issue, which will be purchased by Crews and Associates Inc. of Little Rock, is 2.6 percent.
Foster said the new issue will close March 5.
In other business, aldermen approved amendments to the 2012 municipal budget. The 2013 budget was adopted last month.
Foster delivered his third State of the City address and presented Jay Tucker a proclamation citing his 20 years’ service on the White Hall Planning Commission. Tucker has been named to the municipal Finance Committee.
The council also approved membership of four standing committees: Finance; Street, Water and Sewer; Fire, Police, Park, Ordinance and Personnel; and Museum.