Trumann bond issue for capital improvements to go to ballot in August
Voters in Trumann will get the opportunity in August to decide a bond issue which could result in $2 million in capital improvement funds without a tax increase.
The Trumann City Council held a special meeting on Tuesday, May 19, to discuss a proposal to refinance the city's current outstanding bonds. Under the proposal, the bonds would be refinanced to a lower interest rate from 3.6 percent to 2 percent, and the current 1 percent Keep One sales tax--which has been in place since 2009--would have its expiration date extended by four years. That tax currently expires in 2028. This proposal would extend that to 2032. Together with the refinancing, this would result in the city acquiring $2 million for capital improvements.
"We all concluded this is a good move for the city, and it's the right economic time," said Trumann Mayor Barbara Lewallen.
The issue will be up for a vote during a special election to be held on Tuesday, Aug. 11.
For the full article, see the 6-4-15 edition of the Poinsett County Democrat Tribune or read the paper digitally with an online subscription.