Representatives of Troy Regional Medical Center gave council members an update on the financial status of the hospital on Tuesday.

Teresa Grimes, hospital CEO, and CFO Jan Smith met with council members during the regular meeting on Tuesday to request the city renew its line of credit and operating financing to support the hospital.

“The terms are gong to be renewed at the same terms that were determined last year,” Smith said. “Instead of one year, though, the contract renewal will be changed to two years. The current balance for the account today is $1,215,146.”

Smith said the hospital uses the line of credit to help fund operating expenses at the hospital, and the balance fluctuates throughout the year, with the highest balances coming in October.

The council approved Resolution 2015-24 and Resolution 2015-25 awarding the use and grant of public funds to TRMC for line of credit with Troy Bank and Trust and the refinancing of the hospital’s long-term debt.

Council members also authorized the issuance of up to $3.585 million in bonds to fund water, electric and sewer.

“This will do some infrastructure improvements, as well as replace all of the water meters in the city,” Troy Mayor Jason Reeves said. “We did the preliminary application for the program back in April.”

Reeves also said this is the final step in a series of projects that also included upgrades to the drinking water systems.

The council also approved two projects two additional projects to enhance infrastructure. Council members awarded the right of way clearing bid to Asplundh.

Brian Chandler, general manager of utilities, said Asplundh had recently contracted with the city to do right-of-way clearing, and their work had greatly reduced the number of power outages due to fallen limbs.

“It’s been a huge help and blessing to the electrical system the last three years,” Chandler said. “I can tell all of you that it has made a huge difference for tree limbs. It is rare for a tree limb to cause an outage anymore. The previous contract was the primary cause of that … It also allows us to focus our guys on something else besides tree trimming that the contractors can do.”

The city also approved Resolution 2015-28 for concrete paving and site work around the standpipe in downtown Troy, which was recently renovated.

“We’ve got it painted, got the street resurfaced, and this will clean the area around the base of the standpipe,” said Council President John Witherington. Todd Floyd contracting was the apparent low bidder in the amount of $29,433, and the council members awarded the contract to the company. Chandler said the work would not be started until after mid-April, but that it should take approximately two weeks once it has began.

The city also approved Resolution 2015-29 for the ADEM recycling grant application. Reeves said the city would be a conduit for the program and would allow for the city to have more of a say later on down the line. Reeves said it was an honor the city had been chosen for the project.