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Board to consider refinancing debt service

by Marc Hayot | May 30, 2021 at 4:00 a.m.
City hall

Siloam Springs city directors are set to consider Tuesday refinancing revenue bonds from 2015 to take advantage of current low interest rates.

A proposal is being submitted to the board to refinance the Series 2015 bonds by issuing Series 2021A and 2021B bonds, according to a staff report prepared by City Administrator Phillip Patterson on May 25. The purpose of refinancing the bonds is due to the current low interest rate, which will save John Brown University in debt service costs, the report states.

The Public Facilities Board (PFB) was created on July, 7, 1987, the report states. The PFB's mission is restricted to financing and supporting post-secondary education facilities, the report states.

JBU is the only post-secondary facility the PFB supports, the report states. The original capital improvement bonds were issued on Dec. 28, 2000 in the amount of $10 million dollars, according to Dr. Kim Hadley, vice president of Finance and Administration at JBU.

Those bonds were used to finance construction, renovation and equipping certain capital improvements on JBU's campus, the report states.

The bonds were refinanced by the issuance of the Refunding Revenue Bonds Series 2009, the report states. In 2015, the bonds were also refinanced as the Series 2015 bonds. The current debt and the debt created by the Series 2021A and 2021B bonds is the responsibility of JBU, the report states. The city assumes no financial responsibility, the report states.

City directors will also consider applying for grant funds from the institute of Museum and Library Services, according to a staff report prepared by Library Manager Dolores Deuel on May 21.

The American Rescue Plan Act of 2021 has designated $200 million to the Institute of Museum and Library Services for pandemic response funding, the report states. Funds will be distributed to the states, who will then distribute those funds to local libraries, the report states.

Siloam Springs Public Library could receive up to $19,234, the report states. Library staff is proposing to use some of the funds to replace three of the four AWE Learning Stations, the report states. AWE computers are educational based computers without internet access designed for preschool and elementary age children, the report states.

The library has four AWE stations which are used frequently, the report states. AWE computers cost $4,300 per computer and any remaining grant funds would be used for other library materials and expenditures, the report states.

Since funds may be utilized in more than one area the purchase of e-content materials would also be applied to some of the remainder of the funds, the report states.

The city board will also discuss and vote on the following items:

Consent Agenda

• Workshop minutes from the workshop on May 18.

• Regular meeting minutes from the city board meeting on May 18.

• Dedication of utility easements for the 2900 block of East Highway 412.

• Dedication of utility easements for the 14300 block of Cozy Corners Road.

• Dedication of utility easements for the 1800 block of Dawn Hill Road.

• Resolution 20-21 regarding the significant development permit for the 22100 block of Highway 16 (Rock Hill Food Packaging and Distribution Facility).

• Resolution 21-21 concerning a special use development permit for 305 S. Mount Olive St.

• Resolution 22-21 regarding the final plat development permit for the 2300 block of North Mount Olive Street.

• Resolution 23-21 concerning the final plat development permit for the 2900 block of Cheri Whitlock Drive for the high school addition.


• Placing Ordinance 21-08 regarding the rezoning of the 2900 block of Cheri Whitlock Drive from A-1 (Agricultural) to C-2 (Roadway Commercial) and G-I (General Institutional) on its first reading.

• Placing Ordinance 21-09 concerning the rezoning of 1803 Dawn Hill Road from A-1 (Agriculture) to R-2 (Roadway Commercial) on its first reading.

• Placing Ordinance 2110 regarding rezoning 3550 Hwy 412 E. from I-2 (Light Industrial) to C-2 (Roadway Commercial) on its first reading.

Staff Reports

• Tattoo Parlor Regulations.

• ADA Fishing Pier at City Lake.

• April financials

• Administrator's report.


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