Prattville Mayor lauds City Finance Director’s resourcefulness

Council passes refunding warrants

Posted by on Dec 2nd, 2009 and filed under News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

Prattville Mayor Jim Byard Jr. addressing the City Council - Photo by Marc Parker

Prattville Mayor Jim Byard Jr. addressing the City Council - Photo by Marc Parker

Prattville – The City Council voted Tuesday night to authorize the issuance and sale of up to $6.6 million general obligation refunding warrants that would allow the City to have a net savings of approximately $200,000.

Mayor Jim Byard Jr. thanked Rod Morgan, City Finance Director, for being innovative and exhibiting good money management skills. Morgan urged the Council to move forward in adopting the Ordinance due to its time sensitivity.

“We have an opportunity to refund some of our outstanding general obligations bonds of 2001/2002,” Morgan said. “Refunding means that basically we will borrow the money to pay off the principal interest at a cheaper rate.”

Also approved by the Council was the release of budgeted funds of $13,415.50 for the purchase of a 2006 GMC Sierra from Pigg Enterprises for use by the City Planning Department.

Byard reminded everyone of this week’s holiday activities. The Christmas tree lighting will be held at 5:00 PM on Thursday, with Santa to follow in Heritage Park, and the Christmas parade will begin at 4:00 PM on Saturday.

“Thursday night will also be a kind of a pep rally for the Prattville Lions who will be playing the Hoover Bucs for the championship in Tuscaloosa on Friday night,” Byard said. “The Prattville High School band will be there, so after the Christmas tree lighting, we’ll sing ‘O Christmas Tree’ and then yell go Lions!”

Next Tuesday, December 8, at 6:00 PM, the Prattville Planning Commission will hold a public hearing on the Project Prattville draft comprehensive master plan in Council chambers. This will be a chance for the Planning Commission to hear public comments before adopting the plan and before submitting it to the Council for formal adoption.

Article by Melissa Parker

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