Specifications include, but are not limited to: Financing for a Police Training Facility, improvements to the Tennis Courts at Mills Park and a vehicle for the Animal Control Fleet in an approximate amount of $925,000. The borrowing will be authorized pursuant to Amendment 78 of the Arkansas State Constitution, which allows cities to enter into short term financing. All loan documents will reflect that. The note will not be designated as “bank qualified”. Any legal opinion will be provided by the City’s Bond Counsel. There should be no out of pocket costs for outside legal counsel or any other closing costs. The rate will be tied to a common index. The preferred benchmark index is the 5 year Treasury bill (if something else is used please note that).
