By Nathan Prewett
LEEDS – During a regular meeting of the Leeds City Council on Monday, Feb. 3, the council authorized an advertisement for a public hearing on issuing General Obligation Warrants for 2020.
The resolution details what was listed as Series 2020-B of warrants not to exceed $49,500,000. The purpose of the warrants, the resolution says, is “providing funds with which to refund the City’s Taxable General Obligation Warrants, Series 2018 (Exit 140 Projects)” as well as to pay the 2020 Warrants costs.
“The Series 2020 Warrants will mature in thirty (30) years or less from the date of its issuance and will bear interest at a fixed rate not to exceed 3.6% per annum, with semi-annual payments of interest and will evidence indebtedness that will be a general obligation of the City payable from all legally available sources of the City,” the resolution says.
“The public benefit sought to be achieved by the proposed issuance of the Series 2020 Warrant is the promotion of the economic development of the City by inducing industrial and commercial enterprises to locate new facilities in the City or to refinance obligations heretofore issued for such purpose (which would result in additional tax revenues for the City and additional jobs for the City’s citizens).”
Proceeds from warrants have been used for city projects, including the “Grand River Project” and the “Bass Pro Project” in Leeds.
The council authorized the advertisement to be published in the Birmingham News. The resolution can be read on the agenda packet online at the City of Leeds website. The public hearing will be held at the next session on Monday, Feb. 24 at 6 p.m.
The council passed a resolution that determined a parcel of real estate adjacent to City Hall, on 9th Street, to be surplus and authorized its sale. The Leeds Waterworks Board has made an informal offer to purchase the property for $150,000. The resolution was passed unanimously.
The council also authorized the abatement of an unauthorized vehicle on Oak Street, declaring it a nuisance to the public.
Mayor David Miller and council member Ryan Bell were absent from the meeting.
After the meeting concluded, council member Kenneth Washington gave a brief update about the roads that were damaged during a project to replace gas lines. He said that the issue with the condition of the roads is expected to be resolved.
“They looked at it. Spire came by as well. They looked at it and they’re supposed to get started,” he said. “But they’re going to get it all straightened out.”