Council to set public hearing for Fibrant refinancing
Published 12:10 am Monday, August 1, 2016
By Amanda Raymond
SALISBURY — The Salisbury City Council will discuss a refinancing proposal that could eliminate more than $3 million worth of Fibrant debt at a meeting on Tuesday.
The council will meet at City Hall at 217 S. Main St.
At the last meeting, City Manager Lane Bailey said the city’s finance department had been working with advisors to refinance Fibrant’s debt.
One proposal was received. It has a fixed interest rate of 2.06 percent.
Bailey said the proposal could pay off $3 million worth of debt service over the life of the loan and save the city $400,000 yearly.
The final maturity date of the loan would still be March 2029.
The council will receive a presentation about the refinancing of Series 2008 COPS and Series 2013 COPS Debt for Fibrant and may set a public hearing for Aug. 16.
Also being considered in the consent agenda is a proposal to allow Livingstone College students, faculty and staff to ride the bus for free on the weekends.
The Salisbury Transit System gave a presentation to the council at a meeting in April and made a proposal to add two weekend express routes for Livingstone College students, faculty and staff with an identification card.
Bus service currently ends at 7 p.m. on weekdays, 3:20 p.m. on Saturdays and does not run on Sunday. The proposal would extend Friday and Saturday hours to 11 p.m. and add a Sunday route from 10 a.m. to 7 p.m.
The major areas on the route would include Walmart and Kmart, Wallace Commons, Innes Street Market, downtown and West Innes Street.
The buses would run the route during Livingstone’s fall and spring semesters.
Livingstone accepted the proposal on July 12 as a one-year trial. The cost of the added routes is an estimated $91,000. Livingstone would pay the $91,000 in nine payments to allow the students, staff and faculty to ride for free.
One new bus driver would be hired to drive the added routes.
In other business, the council will:
- Hear an update about traffic control on Sunset Drive.
- Hear a presentation about a modification to the agreement between the city and the Knox co-principals. Dr. Latoya Dixon’s name is being removed from the agreement since she has taken another position out of state.
- Consider making appointments to boards and commissions.
- Hear public comment.
- Hear comments from the city manager, including information about an acquisition of a Habitat for Humanity property.
The mayor will proclaim Aug. 2, 2016, as the National Night Out.
Contact reporter Amanda Raymond at 704-797-4222.