VINTON — Vinton city officials received good news Thursday evening regarding the sale of General Obligation (GO) bonds which will be used for equipment purchases, street projects and a walking trail.
Banker’s Bank purchased the bonds providing the city with an excess of $4 million working capital.
Chris Ward, Vinton city administrator, shared that the city received a total of five bids for the sale. At a rate of 1.49%, council members were told that the rate was lower than bonds sold by the city in 2016.
“You (the city) received $200,000 in proceeds that can be used for street projects,” Ward stated. “This was more than we originally expected.
“In addition, we were able to get rates much lower than we originally expected,” he added.
The city will repay the balance of the bonds over a 15 year period.
In other business:
- A public hearing was held during the meeting as required by a grant application from the State Revolving Loan Fund (SRF).
Ward explained that the city was applying for the grant which will pay for the engineering expenses for upgrades at Vinton’s Waste Water Treatment Plant. Along with the application, the City also needed to hold a public hearing.
“There is no additional cost to the City of Vinton for the application to the SRF for the Intended Use Plan. There would be a cost savings to the City of Vinton if the application is accepted,” he said. “The application does not restrict the City of Vinton utilizing a revenue bond instead of SRF if the rates are more favorable to the City of Vinton.”
- Approval was given for a street closure by the council for the Farmers Market to be held at Celebration Park.
Ryan Anderson, Vinton Parks & Recreation Assistant Director, submitted a request for the closing. “We would like to have the road closed on E 2nd Street between 1st Avenue and A Avenue from 5 to 7 p.m.,” Anderson’s email asked.
Farmers Market will start Thursday, July 2, and run through September 24.
- A request for the closing of Park Drive was approved for July 31 in conjunction with Party in the Park. “We are excited to hold this event and are working to provide a safe and fun experience,” Robin Martin, Virginia Gay Hospital and Clinics Foundation Director, wrote in an email to the council.
Race officials asked to be able to block off Park Drive and a portion of 8th Avenue near the pool from 4 to 8:30 p.m. The race will begin at 6 p.m. and is expected to be done around 8:15 p.m.
For safety reasons, this year’s race will have a rolling/wave start. “This will make the race about 45 minutes longer,” Martin wrote. This method of start will have three people per row, and six feet between each row. “Note that this will be an interesting dynamic and take up a fair amount of space to coordinate. There will be volunteers onsite to support coordination.”