Mineral Springs City Council Meeting

The Mineral Springs City Council met in special session Monday evening to discuss financing options for painting and other renovations needed for the town’s water towers.  The project is expected to cost in excess of 600 thousand dollars.  A representative of Stephens, Incorporated attended the meeting and presented information on a water and sewer bond.  Also attending Monday’s meeting was an attorney from the Friday Law Firm.  To pay for the project, the city has decided to obtain a bank loan.  A previous loan undertaken by the city will be absorbed into the new loan giving Mineral Springs approximately 865 thousand dollars.  The loan has an interest rate of three and a half percent with payoff expected to take place in 2045.
Monday’s meeting also included adoption of the 2020 city budget.  General revenues are estimated at 337 thousand 350 dollars with expenses at 336 thousand dollars.