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Hartselle Enquirer

Falkville Council borrows $1 million for town projects

Clif Knight

Hartselle Enquirer

 

A resolution to accept a $1 million line of credit proposal from Cadence Bank of Falkville was approved by the Falkville Town Council at its regular meeting January 5.

The proposal will require the town to pay a 2.8% variable interest rate for two years on money withdrawn to meet local grant match requirements and other costs associated with capital improvement projects.

Two other proposals were received. Bank Independent offered the line of credit at a fixed interest rate of not less than 3% for three years Renasant Bank offered to loan the money at a 3.12% fixed interest rate for four years.

Another resolution approved supports remote sellers proposed federal legislation. The Marketplace Fairness Act, S.698 and the Remote Transactions Parity Act, HR. 2775 are currently being considered by the U.S. Congress.

This legislation would give states the authority to enforce local and state taxes that are already owed by out-of-state online retailers. It would require online retailers to collect and remit sales taxes to states and local governments for out-of-state online sales.

It is estimated that Alabama and local local governments lost $350 million worth of uncollected sales and use taxes in 2015.

The council acted on other matters as follows:

•Authorized the mayor to enter into a contract with Alabama Cleaning Service LLC to strip and wax the floors at town hall for $1,840.65 once a year and monthly buffing for $150.

•Introduced an amended and consolidated personnel policy.

• Approved a proclamation setting aside Wed., Jan. 6, as Falkville Volunteer Fire Department Appreciation Day.

 

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