Manila Council adopts swimming pool bond ordinance

Tuesday, March 27, 2012

Manila City Council took the next step to getting a swimming pool and a therapeutic pool in Manila at a special called meeting on Thursday. Manila Mayor Wayne Wagner and council members met with Ryan Bowman with Friday, Eldridge, and Clark, and Jim Alexander with Morgan Keegan adopting a bond ordinance to fund the swimming pool project.

Ryan Bowman with Friday, Eldridge and Clark reads the bond ordinance to fund the swimming pool project at a special called meeting in Manila.

Alexander said he was pleased with the sale of the bonds and there is a good possibility the $2,800,000 bonds could pay out in advance.

The voters of Manila passed a one cent sales tax in 2011 to fund the swimming pool project. Once the $2.8 million in bonds are paid off, the tax will be removed. There is and has been a fourth cent tax in place for over 10 years and it will remain and help with maintenance and expenses of the pool.

"This will be my last bond sale," Alexander said. "I will be retiring as of next Friday. Liberty Bank of Jonesboro is the trustee for the project. Taxes collected will go to Liberty Bank and payments will be made by them."

IRS requirements and guidelines were discussed.

The ordinance was read by Bowman, the second and third time by title only before passing unanimously.

Bowman informed the council closing date will be April 27.

Councilman Dale Murphy expressed his appreciation to working with Alexander and wished him a good retirement.

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