Faulkner County will be taking out a loan totaling up to $5 million with a 2.24 percent interest rate to finish out the new Faulkner County Justice Building.
At their regular meeting Tuesday night, the Faulkner County Quorum Court voted to accept a loan bid from First Security Bank.
In an earlier ordinance passed this summer, the court authorized County Judge Allen Dodson to put out the bid notice and choose a bid. Eight bids came in after the notice went out. The decision was made based upon interest rate and — when there was a tie on the interest rates — the location of the businesses. The decision-making process is governed by a statute controlling the bid process for counties.
The loan will be a registered note and will be tax exempt for the bank under Arkansas law.
The court voted with 11 in favor of the ordinance awarding the note, with Justice Chris Bills voting “present” because he said he felt there was not adequate time to read the ordinance beforehand and he felt his political interests were not represented on the budget and finance committee. He said he did not want to vote against the ordinance because it may be fine in his eyes, he just did not have the chance to make sure.
The ordinance came before the budget and finance committee last week but had blank spaces that needed to be filled in. The rest of the court received the ordinance when they arrived at the meeting. It was read allowed before the vote and discussions.
(Staff writer Angela Spencer can be reached by email at email@example.com or by phone at 505-1212. To comment on this and other stories in the Log Cabin, log on to www.thecabin.net. Send us your news at www.thecabin.net/submit)