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City manager’s buyout divides board members

Division was evident among Texarkana, Ark., board members Monday as they voted 4-3 on a severance package extension for City Manager Harold Boldt.

Ward 4 Director Chad Dowd, an accountant, was asked last month to crunch the numbers on a buyout option in the event Boldt is terminated without cause. After weighing three packages for more than an hour in executive session, the board voted to extend Boldt’s six-month payoff to one year’s salary, $102,000.

The board also considered extending Boldt’s severance pay to two years, or $204,000, and three years or $306,000.
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