By LANA CLIFTON
At a meeting held Thursday, Aug. 10, the Bryant City Council approved a resolution to take the next step toward the restructuring of bonds in order to pay for the cost of parks projects not covered by the sales and use tax bonds issued for that purpose.
Before the resolution passed, council members discussed, at length, the nature of the resolution and the reasons it would be needed.
Gary Hollis, Financial Director of Bryant, presented the resolution and gave a preliminary explanation.[more]
“This is a resolution to allow the city to move to the next step in looking at funds available to complete the park and doing that by means of refinancing the fire and police department buildings,” said Hollis. “So it’s the next step in the process. It’s not approving the debt. It’s not committing to anything.”
He said it would give them a chance to speak to representatives from Friday, Eldredge & Clark, LLP and Stephens, Inc. about what could be done to complete the process. He stated further that this would involve looking at extending the debt of the current bonds.
Steve Gladden, Alderman for Ward 4, said he wasn’t sure more debt should be incurred. “I hate to see us piggyback and try to add some more debt by doing that. I think we need to look at the process and cut costs if we are going to cut costs. But if we are doing that, it needs to go through the approval process.”
Hollis responded that this was just the next stage of looking.
Alderman Ed Collins of Ward 2 disagreed. “This doesn’t say looking,” he said.
Quoting from the description of the resolution as it appeared on the agenda sheet and the resolution paperwork, he continued. “It says, ‘A resolution authorizing the sale of capital improvement revenue bonds to finance park and recreational improvements and refund the city’s capital improvement revenue bonds, series 2005; and prescribing other matters relating thereto.’ That sounds like we are ready to do some business.”
The representatives from the law firm and Stephens, Inc. stepped forward to clarify the purpose of the resolution and to answer the council members’ questions. They said if the resolution was approved it would approve the preparation of the document to sell the bonds and would allow them the opportunity to move forward with the bond ordinance issuance.
Section 3 of the resolution states, “That the Mayor, City Clerk and Finance Director are authorized to cooperate with the Underwriter [Stephens, Inc.] and Friday, Eldredge & Clark, LLP, as Bond Counsel, in the preparation of a preliminary official statement and in executing such writings and taking such actions as may be appropriate to the offering of the Bonds.”
It also says, “As issuance of the Bonds is, under Arkansas law, subject to approval of the City Council, by ordinance, any sale of the Bonds will be subject to approval of the City Council.”
Council members also discussed why there was a need for the additional funds. Jeremy Lemons, Parks and Recreation Director, said the original cost of the project presented to the city had to be adjusted due to additions to the project. Councilman Ken Green said the original plans included certain square feet and amenities, but those had been changed as the members of the Senior Adult Center, Boys and Girls Club and others expressed additional needs to make the project work.
He said the funds are “needed to pay for additional items approved by the council.”
At one point, the discussion between council members had to be halted by Alderman Danny Steele who was conducting the meeting in the Mayor’s absence. He reminded council members they were in a meeting and asked them to follow procedure.
The motion was made and seconded to pass the resolution. Collins and Alderman Adrian Henley opposed the resolution.
In other business related to Parks and Recreation, the council voted 6 to 2 to approve the lowest bidder for the Aquatic Center to be built as part of the Bishop Park project.
The low bid came from Dayco in the amount of $4,435,000. Lemons said the company was building a similar aquatic center in Heber Springs.
Henley asked what the original estimation was for the project. Lemons didn’t have exact figures available but stated he thought it was around $3.2 million.
In a memo to the Bryant Parks Committee from Lemons, the added costs were broken into several categories. Adding costs to the project that was advertised were: an additional 2,000 square feet for the Senior Adult Center ($200,000), an additional 6,000 square feet for the Bryant Boys and Girls Club ($600,000), extra moneys to finish lighting, concessions and other items at the Midland Park project ($400,000) and an additional 4,000 square feet for pool plus a diving well ($500,000). The memo also sited a tough economy and a difference in bond money requested and received as contributing factors. Other items added to the budget would need to be added to fulfill the promises of the original proposal form 2006. These were a splash pad ($200,000), a skate park ($200,000) and pavilions and an amphitheater ($200,000).
Henley and Collins voted against the approval.
An ordinance to provide for the City of Bryant’s Award and Recognition Programs was also on the agenda. After discussing changes in the configuration of the board for the program, the council decided to table the ordinance until the October meeting.
The Public Works Department presented a stormwater management update. A citizen in attendance at the meeting requested the updated items be read by a council member. An item added to the status of the proposed replacement of the Highway 5 bridge stated AT&T had completed a relocation of telephone lines in anticipation of the upcoming replacement. The invoiced amount for the relocation was $73,000. Hollis informed the council the money had been set aside for this project and carried forward from last year.
Other updates to stormwater management included installation of some culverts at Jennifer Cove and Kensington Drive. These are slated to begin on Sept. 16. A temporary street stabilization by asphalt overlay to last through the winter is to be in place by the same date.
The report also declared a wet summer had slowed progress in some areas, but engineers were continuing to observe, and streambank stabilization activity was ongoing.
The other addition to the report promised a short report and outline for improvements on Smith, Larson and Dobbins’ lands in the Rodeo Drive area later in September.
Collins reported the street on Augusta Cove was caving in and asked if maintenance money could be used to help with this since the top of the road was affected. Green said he would put it on a list to be addressed at the next street maintenance committee meeting.
New job descriptions were approved for several parks and recreation positions. The new descriptions were necessary to be in compliance with the Jesap system.
A finance report was presented by Hollis.
