FGCC president's message at October board meeting

Glade Sun

October 27, 2009

Anonymous The Crossville Chronicle Tue Oct 27, 2009, 03:32 PM CDT

In an important action this month, we (the Fairfield Glade Community Club board) have signed the refinance documents for the waste water treatment plant. The fixed “all-in-rate” is 7.54 percent, with a 10 years amortization and loan maturity date. This new rate is more favorable than the original bond agreement.

As discussed in earlier board meetings, this was necessitated by the slight lowering of the credit rating of Regions Bank by the rating agencies during the stress testing earlier this year. Regions Bank had backed the original bond issue on the waste water treatement plant with a letter of credit. The reduction in credit rating reduced the marketability of the bond.

Controller Regina Welch can discuss this further if necessary.

Work and planning are progressing on Dartmoor Dam. The foundation for the end of pipe casement is installed and the precast concrete cover to protect the drain valve end should be installed in the coming couple of weeks.

Our engineering firm is soliciting bids for the construction of the new spillway and is the process of obtaining approval from the state for the project.

We are in the final phases of the proposed budget, with publication being prepared for the Glade Sun and the Quarterly.

County Mayor Brock Hill is pleased to pass this on to Glade residents:

“According to T-DOT, final right of way (ROW) plans for the first section are complete and updates to the original survey are underway. If all goes well, the ROW purchase could begin sometime in 2010. Brock Hill has been told that the first section will be from Firetower Road to Lakeview.”

Other than appropriation requests, there was no other business before the board in October.

Appropriation requests approved by the board:

Radios for Public Safety, $16,252

Spray Field Vegetation Clearing/WWTP, $78,041

Wexford Sewer Pump Station Upgrade, $90,155

Used 2008 Chevrolet Dump Truck/Druid Hills Golf Course Maintenance, $25,950

A full board meeting report will be in next week's Glade Sun.

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