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Council approves interest rate on loan

Tuesday, December 18, 2007

In a special meeting of the Common Council of the City of Brazil Tuesday night, the bank and interest rate for a tax anticipation warrant was chosen.

A tax anticipation warrant allows an entity to be loaned money for a period of time until tax money is collected.

"This is something we do every year and pay back each December after we collect all our tax revenues," Brazil Clerk-Treasurer Tracy Webster said.

The council approved First Financial Bank, who bid a 3.61 percent fixed interest rate for the $500,000 loan, an amount the city applies for each year. Terre Haute Savings Bank and Riddell National Bank also submitted fixed interest rate proposals of 5 percent and 4.29 percent, respectively.

Also discussed at the meeting was the future purchase of a new police cruiser for the Brazil City Police Department.

Police Chief Terry Harrison informed the council that with the quotes he has received so far, the approximate cost of a new vehicle with the complete police package is around $21,000.

"We are hoping to get a new cruiser by the end of the year," Harrison said. "At this time it looks like we will have to transfer unused funds around to help cover the cost."

The council unanimously approved to transfer the funds, when needed, and also approved the actual purchase of a new vehicle.

The remainder of the meeting was spent thanking outgoing council members James Sheese, who was not in attendance, and Nancy White for all their hard work on the council.

"Jim is a good man and he has done a great job in his 20 years serving on the council," council member Steve Lamb said.

Fellow council member Bill Lovett expressed his appreciation of the hard work done to put on Northview High School's Christmas Spectacular.

"Those who were unable to go missed out on a great performance," Lovett said. "The kids involved in the production deserve a lot of positive recognition."

The next meeting of the Common Council of the City of Brazil will be Tuesday, Jan. 8, 2008, at 7 p.m., in the Council Chambers at City Hall.



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