During budget discussions for fiscal year 2014-2015, the Red Bank Commission decided to issue interest-bearing general obligation capital outlay notes. These will provide funds to buy items that will be used in the day-to-day operation of the city, said Mayor John Roberts.
Red Bank will pay an interest rate of just two percent on the borrowed money and the notes will be paid back in six years. Included in the equipment to be bought are a truck, a mower and a new dump truck.
At the meeting of the commission Tuesday night, a resolution was approved to issue the notes in an amount not to exceed $261,934.
Every year Red Bank contracts with the Hamilton County Humane Education Society to take care of stray animals in the city. A vote to renew the contract for the next 12 months was unanimous. Mayor Roberts said this costs less than it would if “Red Bank went into the dog business.” This year the service will cost the city $59,070.57.
“It is important to keep up the infrastructure,” said the mayor, and this year Red Bank has a goal of repaving 30 secondary roads for a total of five and a half miles. The commissioners voted to contract with Talley Construction Company, Inc. for an amount not to exceed $1 million. Director of Public Works Tim Thornbury said paving would stop when the cost exceeds the approved amount.
In his report to the commissioners, City Manager Randall Smith announced that Red Bank ended the fiscal year 2013-2014 in good shape. He also gave a reminder that “Music in the Park” will be held on the last Saturday of each month at the Red Bank City Park on Dayton Boulevard starting at 6:30 p.m. On the first Saturdays of every month, “Yoga in the Park” will take place at the same location.
The next meeting of the Red Bank Commission will be July 15.