The Scottsboro City Council held a dual session Monday evening. The council discussed and voted on several items including refinancing bonds, resolutions and gave an update on the recycling program.
Brad Green from Raymond James Financial Services attended the council meeting to discuss an opportunity for the city to refinance three outstanding series of bonds. He was there because interest rates are low, and refinancing could save the city money.
Green said the refinancing needed to be done in two phases. Two of the bonds could be refinanced this year, while the third would have to be done at the beginning of next year. Green said the savings could be realized two ways.
One way was a reduction in debt service each year. This option would save Scottsboro $362,000. The other way was by receiving a check at the closing of the bond. These funds would have to be used for capital projects and the debt service would stay the same.
These savings would amount to $300,000 for the city. Green recommended the council refinance the bonds. The council agreed to have Green move forward with refinancing the bonds.
Scottsboro Mayor Robin Shelton gave a quick update on the recycling program Monday evening. He said they have had some participants since the program started back and anticipates many more. He said he is glad the recycling program has resumed.
The council discussed and approved two resolutions for public transportation and the airport. These resolutions are approved every year. The public transportation resolution deals with the rural transportation program, and the city’s match is $45,200. The airport resolution allows the city to apply for airport improvement funds.
The council also discussed a drone for the landfill. This item was previously discussed at a Solid Waste Authority meeting. The drone would allow the city to measure the airspace of the landfill as well as help them make sure they are getting the proper compaction of waste.
The drone costs $7,500 and the software costs $12,000 per year. A motion was made to purchase the drone and software out of sales tax, but the motion was not given a second.
The council also approved an alcohol license for Susan Webb doing business as Jackson County Events LLC. It was a special events license for the BBQ Cookoff event.