The Cleveland Town Council voted to renew its Stifel bond last week. According to town attorney Alex Smith, officials were able to lock in the rate three weeks ago. At Smith’s request, the council passed an ordinance authorizing Mayor Jerry Jones to sign the necessary documents.
Jones said the indebtedness of the bond will go against the revenues of the water department. The town should receive the bond proceeds this week. “It [bond issue] will net us $550,000,” Jones said. Smith also noted that the town has a high credit rating, which helped Stifel purchase the bonds and keep them “in house.”
In other action, the council:
• adopted building inspector forms and rates.
• adopted the International Building Code.
• approved purchase of an air compressor to refill the fire department’s breathing apparatus.
• surplussed out old Christmas lights.
The Cleveland Town Council meets at 7 p.m. on the second Thursday of each month.