• 66°

Council to set public hearing for Fibrant refinancing

By Amanda Raymond
amanda.raymond@salisburypost.com

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.

Comments

Business

County begins accepting restaurant grant applications

Crime

Blotter: Salisbury man charged with nine more felony sex offenses

Nation/World

Biden team readies wider economic package after virus relief

Nation/World

Spacewalking astronauts prep station for new solar wings

Nation/World

Cuomo sorry for remarks aide ‘misinterpreted’ as harassment

Nation/World

Trump calls for GOP unity, repeats lies about election loss

Education

Rowan County administers 700 vaccines, with majority going to local educators

Crime

Shoplifting at Walmart presents challenge for Salisbury police

Local

Commissioners will hear details about changes to solar energy policies

Business

After overcoming obstacles, local barber Daniel King earns registered status

Lifestyle

39th annual K12 student exhibitions go virtual

Business

Biz Roundup: Chamber of Commerce to host ‘Salute to Agri-Business’ at March Power in Partnership

Local

Local legislators back bills ranging from new restrictions on sex offenders to Holocaust education

News

After surviving COVID-19 scare, Lois Willard set to celebrate 100th birthday

High School

Carson rolls over South 41-0 as about 600 allowed in to see season opener for both

Education

East Spencer after-school program looks toward opening, nonprofit status

Lifestyle

Frank Ramsey inducted into the NC Military Veterans Hall of Fame

College

Livingstone’s Stoutamire inducted into 2021 CIAA Hall of Fame

Nation/World

J&J’s 1-dose shot cleared, giving US 3rd COVID-19 vaccine

Coronavirus

13 deaths reported in Rowan, county stresses need to receive second dose

Coronavirus

10% of Rowan residents receive first dose; eight COVID-19 deaths reported this week

News

North Carolina State Highway Patrol commander to retire

Education

UNC School of the Arts may go for online learning due to COVID-19 spread

Coronavirus

Greensboro site to administer 3,000 daily vaccine doses starting March 10