Albany City Council held its monthly meeting last Tuesday, September 4 with five of six members on hand. The city governing body renewed its property insurance policy and agreed to take part in a program to save several hundred thousand dollars in interest payments on water related bond projects, among other items of business.

The council had received only one bid on the city’s property insurance coverage for the next year, beginning in October, that being from the current policy provider, PMC, supplied locally by Jamie Sparks Insurance Agency.

The policy amount for the next year will be $70,137.20, up by about $7,000 from the current year’s cost.

Sparks noted that the company had increased the city’s property values by around four percent, which is about a standard amount. He also said the city has added three to four vehicles to its fleet which is added in the next year’s rate. Also, the city did have some claims earlier in the year as the result of late winter and spring storms.

Mayor Nicky Smith and most council members also noted they had been pleased with the service the insurance company had provided over the past year, and on a motion by Councilman James “Smitty” Smith, voted unanimously to renew the coverage with PMC Insurance.

The council then heard from Dwight Salsbury of Ross and Sinclair Associates pertaining to a program that would allow cities and municipalities in Kentucky to lower interest rates they are currently paying on bond payments through USDA-Rural Development for water related projects through the RD’s loan program.

Salsbury noted there was a pool of funding cities could utilize working with the Kentucky League of Cities. Rates being paid on the current bonds may be reduced to about 3.3 percent, as opposed to the current rate the city of Albany is paying on average at 4.639 percent.

The refinancing of the loans at a lower rate would not only save the city an estimated $821,000 over the term of the bond pay-off, but would also cut the amount of years the city would have to pay on the current bonding. The current bond loan payback is through the year 2046 and under the refinancing program, would be cut back to 2038, according to Salsbury.

No action on the issue was required at last week’s meeting, as Salsbury said the only thing the city would need to do would be to approve two resolutions, one to enter into the program and another joining the League of Cities. He said a resolution would be forwarded to the mayor and presented for consideration at the council’s next regular monthly meeting.

David Bowles of Monarch Engineering then gave a brief update of the utility line relocation projects that are ongoing.

The city is still awaiting a change order from the Department of Transportation to relocate a three-inch water line along Mountain Drive. This location falls in the first phase of the bypass relocation project.

The second phase, from south Highway 127 at Highway 1590 near the radio station to Highway 969 southward to the Duvall Valley area is 99 percent complete and engineers are also waiting on a Department of Transportation change order for full completion of that phase.

The third and final phase of the utility relocation, as of early last week, was already 58 percent complete, with final completion expected before the end of the year. That phase is located on U.S. 127 beginning at Highway 969 near the Spring Creek Bridge and extends to the Tennessee state line.

In other business, the council:

* Held an approximate 20-minute closed session to discuss personnel but took no action upon returning to open session.

* Mayor Smith announced to the council that Pauline Conner had invited the council members to the annual Clinton County Farm Bureau membership meeting on Thursday, September 13 at 6 p.m. at the Clinton County Fairgrounds building.

* Councilwoman Tonya Thrasher invited the mayor and council members to the annual Clinton County Drug Forum that will be held Friday, September 21 from 9 a.m. to 12 noon at Albany First Baptist Church. Lunch will also be provided.

* Thrasher also asked for volunteers to help make ribbons to place around Albany next month in remembrance of Aleigha Duvall, the child who was killed in a tragic Halloween night accident last year.

* Mayor Smith also reminded the council and the public about the “Meet the Mayor” dates, which are held from 8 to 10 a.m. the second Saturday of each month.

The public is invited to have coffee and donuts with the mayor in his office on those days and discuss any issues or concerns they may have.

The next Meet the Mayor date will be Saturday, October 13.

The next regular meeting of Albany City Council is scheduled for Tuesday, October 2 at 5 p.m. at city hall and is open to the public.