City authorizes mayor to execute loan for park

Published 12:00 am Tuesday, June 10, 2003

Troy City Council members struck a proposal to extend sanitary sewer services on the Butter and Egg Road, and council gave authority to Mayor Jimmy Lunsford to execute a loan to provide short-term financing to acquire property for the new Troy Industrial Park South.

Technically, the city has renewed a line of credit with Regions Bank and expanded it from $1 million to$3 million. The interest rate for the loan is 1.55 percent.

"Regions Bank should be thanked for their aggressive 1.55 percentage interest rate," Lunsford told council members. The short-term financing,

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Lunsford said, would be replaced with general obligations bonds.

Council members also approved a retail restaurant liquor license for Monarca's Mexican Restaurant, set to open by mid-July, according to owner Martin Barraga Esquivel.

Esquivel owns and operates La Parota restaurant.

Council also approved a transfer of a package store liquor license and denied a request for a lounge retail liquor license class II for Teresa Sikes, owner of J.T.'s on Parron Church Road.