City of Mineral Springs approves bond agreement ordinance

Thursday during the Mineral Springs City Council’s special called meeting Mayor Bobby Tullis informed the council that they needed to approve two ordinances. One was for the bond agreement and the other was to confirm water rates.

Bond Attorney Ryan Bowman of Friday Eldredge and Clark started off by holding a public hearing for any comments. Aldermen James Jean asked Bowman would water rates have to be raised again. Bowman told Jean to his knowledge they wouldn’t have to unless their revenues are not sufficient to pay the payment on the bond issue then yes, they would be required to raise rates. Bowman said that it was his understanding that the rates that Mineral Springs currently have in place are sufficient to service the debt on the bond issue. Bowman explained that it would be something that the lender, Arkansas Resources Commission, would work with the city on. Bowman ensured the council that this ordinance that they are considering, is not raising the rates but it is just simply confirming the existing rates that are being paid.

After further discussion aldermen of the Mineral Springs City Council approved both ordinances that were in regard to the bond agreement and confirming water rates. 

Mayor Tullis made the council aware that during this phase of the project they will have open bids over the next two weeks and that they should get started on the project in about six months.