Snead combines, refinances loans to save $100,000

The Snead Town Council agreed with member Jack Freeman Monday night, voting to consolidate and refinance loans to save a reported $112,171.21 over the next five years. In their April 8 meeting councilmen had accepted a $350,000 loan bid from the town’s HomeTown Bank branch. Freeman compared then town’s new loan – at 3.5 percent interest – as opposed to the town’s existing loan – at 5.5 percent – with Bank of New York.

HomeTown representatives agreed to extend the $350,000 offer to almost $1 million to cover repaying the existing loan with Bank of New York. Town accountant Lori Criswell provided figures for Freeman, which he shared with fellow councilors and The Blount Countian. Those figures indicate the town would pay more than $203,500 in interest on the proposed two loans compared to just over $91,300 with the consolidated HomeTown offer.

Councilmen approved police chief Phillip Weaver’s request for authorization to attend a summer chief’s conference. Weaver requested approval in order to make hotel reservations, which he said totaled about $1,000 for the five-day conference last year. The council also approved his request to purchase a new laptop computer for his office use.

In other expenditures, councilors approved purchasing two $100 tables at the county retired senior volunteer program annual banquet. They further approved printing and mailing of the town’s annual water quality report to customers.

Utilities supervisor Jeff Whited reported on progress for upcoming water department expansions and the long-awaited Fuelman tank for town and county use. The council members officially accepted Terry Acuff and Robert Nelson as grant administrator and engineer, respectively, for the town’s approved storm shelter.

Councilman Greg Ogles missed the April 22 session; Mayor Curtis Painter and councilors Phillip McHan, Charles Sanders, and Dale Snead joined Freeman for the meeting. The council holds its regular sessions the second and fourth Mondays of each month at 7 p.m. in the town community center.