A loan for the new dump truck from Farmers State Bank and using a patching system to fix the potholes and the alligator cracks caught the attention of the Roachdale Town Council during its monthly meeting.
Representatives from Farmers State Bank provided the council with a loan proposal for the purchase of the new dump truck. According to the proposal, the bank "will be able able to offer a rate of 4.50 percent" for this purchase.
There are two banks in the town, Tri-County Bank and Farmers. The council currently uses Farmers for its payroll, while the rest of the funds go to Tri-County.
Town Clerk-Treasurer Jennifer Archer told the BannerGraphic that because there were banks in the town, the council had to provide both banks the equal opportunity to offer bids for a loan.
According to the proposal, Farmers "proposes to pay a base rate of 2.25 percent with an annual percentage yield of 2.28 percent. This will increase the income of the town $13,731.28 annually, assuming that rates hold throughout the year and that current balances stay the same."
Trey Etcheson from Farmers said that the bank came up with an average interest rate of 1.19 percent. "We cannot do better on the loan side, other than what you were quoted. We can match it. However, we thought we could be of service to the town was increasing the income on the deposit side," Etcheson said.
President Bill Long told the BannerGraphic that Farmers State Bank is offering the exact same rate at Tri-County Bank for a five year loan.
Long suggested that the council table this information, along with authorizing the finances for the new dump truck, until the information can be discussed in further detail. The council decided to schedule an executive session because it will be discussing records of classification which are confidential under state or federal statute.
Meanwhile, Brian Dickehut from Equipment Marketing Co. in Cloverdale provided the council with information on his company's street patching machine to repair potholes, alligator cracks, shoulder failures and other common road repairs.
Dickehut told the council that his company puts down a permanent repair to any common road issue. That means the town will no longer have to go back to the same spot and make the same repairs continuously every year.
"Basically what I am doing is mixing asphalt. I am putting in a liquid instead of a solid like you are," Dickehut said.
Dickehut guarantees his work for a year and said that the mixture he uses is waterproof so nothing is going to get underneath it.
Dickehut also provided the council with reference letters from towns like Odon, Russellville and Apple Blossom, where his company has done work for in the past.
The company will come to the town for $2,000 a day with everything except the stone. All Dickehut asks of the town is providing if the type of stone it wants to use to make some of the repairs.
Long asked for Dickehut to go around the town with Utility Supt. Teddy Knowling and see where all the needed repairs are. Dickehut and Knowling decided to meet Friday at 9 a.m. to go over the roads.
In other business, the council:
EMA Director Kim Hyten told the BannerGraphic Thursday the new siren would not be installed until a later date due to the wet ground conditions around the water tower.
The council meets regularly every second Tuesday of the month at 6 p.m. in the town hall. The next scheduled meeting is set for Tuesday, April 10. This meeting is open to the public
The council will be conducting a special council meeting to discuss the finances for the purchase of a new truck for the utility department. This meeting is scheduled for Monday, March 19 at 10:30 a.m. in the town hall following the executive session.