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Board to consider allowing airport to borrow money

Board to consider allowing airport to borrow money

July 12th, 2019 by Karl Richter in Texarkana News

The Texarkana, Ark., Board of Directors on Monday will consider allowing the Texarkana Airport Authority to take out short-term loans.

The Board will vote on an ordinance that delegates to the Airport Authority the power to open short-term lines of credit. The Airport Authority needs that ability to pay advances on projects that later will be reimbursed through state and federal grants, the ordinance states.

The ordinance does not specify how much money the airport needs to borrow or for which projects.

An emergency clause is attached to the ordinance. If two-thirds of the Board votes to approve the emergency clause, the ordinance will go into effect immediately. If not, it will go into effect after 30 days.

In other business, the Board will vote whether to allow the Paragon Lounge to apply to the state Alcoholic Beverage Control Division for a private club license.

A Board vote is required for the state-level process to move forward; city approval will not grant the establishment a license.

The Paragon Lounge plans to open at 112 E. Fifth St., where until recently the Arrow Bar operated across the street from the downtown courthouse.

The Board will also vote by consent to authorize budgeted spending on cleaning sludge ponds at the Millwood Water Treatment Plant and buying a compact excavator for Texarkana Water Utilities.

The Arkansas side's portion of the cost of the pond-cleaning project is more than $58,500. The city's portion of the cost for the excavator is more than $27,000.

The agenda includes a citizen communication time during which members of the public may address the Board on any topic for up to five minutes each.

The meeting is scheduled for 6 p.m. Monday at City Hall, 216 Walnut St.

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