The Lookout Mountain, Ga., City Council on Thursday evening got good news on its sewer debt refinancing.
Ed Wall has been working closely with the city and the council in the refinancing of the city’s current sewer debt. Mr. Wall sent out a request for bids for refinancing and reported to the council that the current sewer debt owed to the Georgia Environmental Foundation (GEFA) is $2.6 million with a current interest rate of 3.73%. Mr. Wall said that he has been able to secure a new rate at 2.19% that will save the city $60,000 per year.
The council approved the measure to proceed with refinancing the current note at 2.19%.
Paul Johnson, the city’s CPA, presented the city’s annual financial report for the 2011/2012 fiscal year. He stated that the city is still operating in the black and has a surplus of $143,000. After careful analysis he said that on a cash basis the city has $7 million in assets and $3 million in liabilities. He did suggest that the city do everything it can to cut costs and save money in the general fund because the SPLOST funds are depleted after various capital projects were completed. Mayor Bill Glascock said that is what the city is currently doing and it is not leaving much room for any extra expenditure.
A couple of years ago the city of Lookout Mountain, Ga., and Lookout Mountain, Tn., discussed ideas of having a joint website to promote the community. With new council members in both municipalities they have decided to meet jointly to discuss how they can proceed with the website. The date for the joint meeting has yet to be determined.
Progress in the city’s development for a new town hall and center is happening. The city is awaiting detailed plans from developer Jimmy Chapin and his team so that they can begin the process of proceeding with the development and any sale of land.
Mayor Glascock also announced that the city is selling T-shirts that have the Lookout Mountain logo on it. The cost is $15 and can be purchased at city hall or at the Octoberfest on Oct. 27 in front of the Post Office and Café on the Corner.
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