Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, January 23, 1993 TAG: 9301230102
SECTION: CURRENT PAGE: NRV-2 EDITION: NEW RIVER VALLEY
SOURCE: RICK LINDQUIST CORRESPONDENT
DATELINE: DUBLIN LENGTH: Short
LOAN RATES GOOD; COUNCIL OKS WATER PROJECTS
Town Council was able to take advantage of slumping interest rates as it voted unanimously to renew two loans for water improvement projects."The renewal of the notes with Signet bank will be at 6 percent," said Town Administrator Gary Elander, who described the interest rate as "a little better than last year."
The two notes have been renewed annually each January since being issued in 1987.
Last week, the town paid a $36,602 annual installment. Money from the loans was used to provide a water pump station for New River Community College and to design water system improvements now under way.
Elander said the town still owes some $73,900 on the two notes.
"We receive revenue that offsets these notes," he told council.
Last year, however, the town decided not to borrow additional money to complete the improvements, opting instead to pay as the work progressed.
In other business Thursday night, Mayor Benny Keister referred to the town's street committee a request by two local developers to reopen Matthews Drive. The road was legally closed in 1979 after a development project fell through.
However, the two developers, Darrell Bird and Woody Spraker, who own property adjoining the abandoned street, told council that ownership of the closed street and location of a utility right-of-way are unclear. Lawyers had differing opinions about the situation, they said.
Bird is constructing a building that will house a new Advance auto parts store.