August 4, 2020
By: Dwayne Page
A groundbreaking could come this month for construction of a new City of Smithville Police Department building.
During Monday night’s regular monthly meeting, Mayor Josh Miller informed the aldermen that the architect and contractor are ready to move forward. Janice Plemmons-Jackson, the city’s financial advisor said the city has also earned a AA- bond rating because of its good financial position which will qualify for a lower interest rate for the project.
“Last Wednesday I met with the architect and the contractors and they are ready to get started. They are hoping to get started by the end of the month setting up with the equipment. They want to get everything dried in before winter. I think they are going to start selling bonds next Wednesday. We got an excellent bond rating,” said Mayor Miller.
“We (city) got a AA-bond rating. I think the negatives were based on the unknown economy and what the impact might be from that but John Werner (Vice President of Cumberland Securities of Knoxville), our representative said this bond rating is excellent. To be a AA- I think is really good. It means we will get a better interest rate on our bond which is awesome,” said Jackson.
The Boyce Ballard Construction Company of Murfreesboro had the lowest bid at over $2.6 million for a total roofed area of 12,800 square feet which includes a 1,400 square foot sally port. Th city has budgeted the full amount to be funded by a bond issue with a payout schedule over 20 years at a debt service payment the first year (2020-21) at $172,310 or less.