Corsicana’s bond rating was upgraded from an “A” to an “A-plus,” allowing the city to get a very favorable interest rate on the latest bond sale. The city is selling $3.6 million in bonds and will pay 2.62 percent in interest.
The money will be used to reconstruct Collins Street, and to move the utilities from beneath 24th and the Roane Road, in preparation for reconstructing those streets in the future.
The Corsicana City Council approved the deal Tuesday during regular session.
The upgrade in the city’s rating was because of improvements in the city’s financial practices, explained a financial advisor with First Southwest.
In other business, the city council took the following actions Tuesday:
• Awarded a bid for vegetation management to EdKo, LLC, which agreed to do two cycles for $13,248. This is more than last year, explained City Manager Connie Standridge, but the city also added more areas to the management contract.
• Awarded the bid to have gabion baskets installed along Post Oak Creek, near Oakwood Cemetery, to Environmental Safety Services, Inc. The company bid $158,202 to shore up the creek bank and prevent further erosion.
• Approved the annual update of the city’s credit card security policy.
• Formally took a stance to oppose House Bill 1496, which would make city’s vulnerable to lawsuits if a city tries to restrict drilling within city limits.
• Mayor Chuck McClanahan thanked the council during the public forum portion of the meeting for their thoughtful guidance and help, and gave them each a small token of appreciation.
• During the announcements portion of the meeting, the mayor reminded the council of the 1:30 p.m. Wednesday joint meeting with the county commissioners. The Downtown Hop, which is an Easter celebration, will take place in downtown Corsicana on March 28, he said.
Janet Jacobs may be reached via e-mail at email@example.com. Want to “sound off” to this article? E-mail: Soundoff@corsicanadailysun.com