Priceville borrowed $415,500 through the Alabama Municipal Funding Corporation at its Dec. 20 meeting to fund capital improvements. Pictured with the check, from left, are Greg Cochran, AMFC president, Councilman Donald Livingston, Mayor Melvin Duran and Councilmen Charles Black and Tommy Perry. | Clif Knight

Priceville borrows $415,500 for road, veterans memorial

Priceville Town Council voted to issue general obligation warrants totaling $415,500 for the purpose of constructing a two-lane street and developing the Morgan County Veterans Memorial at its meeting Dec. 20.

The bond issue is being handled through the Alabama Municipal Funding Corporation and Branch Banking and Trust Company of North Carolina. The bonds will be retired over 15 years at a fixed interest rate of 3.35 percent. The first payment will be due June 1, 2012.

An ordinance authorizing the bond issue was approved by a 4-0 vote after the rules were suspended to give immediate consideration. Councilmen Sam Heflin and Larry Waddell were absent from the meeting.

This is an artist’s rendering of Morgan County Veterans Memorial in Priceville.

In a separate but related move the governing body appropriated $60,000 for the purchase of monuments for the memorial.

A ground breaking for the memorial was conducted July 4, 2011, and extensive groundwork has since been done with the help of the Morgan County Commission.

“We have pads in place for the Fallen Soldier monument and the Armed Forces Memorial as well as two pavilions and military equipment displays,” said Councilman Tommy Perry. “Now we’re working on the base for the parking lot. With the help of the county commissioners we’ve been able to get an estimated $100,000 worth of in-kind service work done. Our next priority is a fundraising campaign, seeking support from corporations, civic service organizations and individuals.”

He said plans are to have the estimated $600,000 memorial ready for a grand opening next Veterans Day.

The sale of brick pavers to individuals and families is one of the fundraising projects already under way. 4-inch by 8-inch pavers are offered at a price of $75 each while 8-foot by 8-foot pavers are $125 each. They may be purchased either as a memorial or an honorarium and will be placed around the Armed Forces memorial. Applications are available at the city clerk’s office.

Perry said the black granite monuments for the memorial are mined in Indonesia and are being ordered from Clark Memorial Co.

The road project, which links Marco Drive with Bethel Road, is also under way. It is designed to allow residents living north of Highway 67 to reach the municipal building without having to get on the highway.

“This is a safety issue that we’re pleased to put on a fast track,” Mayor Melvin Duran said. “When the new street is opened, it will be a lot easier and safer for people to reach the storm shelter in the municipal building in event of a tornado warning.”