Brownwood City Council members approved the issuance Tuesday of a $3.87 million certificate of obligation to fund construction of two new cells a the Brownwood Regional Landfill.
City staff requested proposals from 14 local banks and received proposals from four. The best bid is from Regions Bank, which bid an interest rate of 3.182 percent plus the cost of issuance.
Annual payments will be about $325,000, and construction of the two cells is expected to begin in late September. The new cells will last about 16 years, and the certificate of obligation will be repaid over 15 years.
In other business Tuesday, the council:
• Held a public hearing on a proposal to increase total tax revenues from properties on the tax roll by .5 percent by adopting the proposed tax rate of 74.63 cents per $100 valuation.
• Approved a $9,000 project to replace gas and water lines that serve the Camp Bowie Recreation Center/city house, with funds paid from reserves. A leak has developed in a gas line, and while the gas line is being installed, the water line will also be replaced.
• Approved an ordinance on second and third readings establishing a loading zone space on West Anderson.