The Brundidge City Council passed a resolution at its Tuesday meeting that set the parameters for 2015 Revenue Refunding Warrants.

Britt Thomas, city manager, said the city had issued its Utility Revenue Warrants in the total amount of $7,785,000 and has an outstanding principal of $6,605,000.

To realize the present value savings due to reduced interest rates and to improve cash flow for the city, Thomas said it is advisable to refund all of the Refunded Warrants in order to refund the outstanding indebtedness of the city and pay the costs of issuance and sale of the Warrants.

By so doing, the savings to the city could be around $1.75 million through the year 2031 due to a lower interest rate and by shortening the annual payments by one year.

Thomas said if the city does not incur more indebtedness, it could be out of debt in 16 years.

Thomas reported that the city’s energy grant received through the Energy Division of ADECCA is paying dividends. The grant funds were used to replace three aging water pumps with more efficient pumps.

“Over a 40-day period, there has been a power savings of $14,494,” Thomas said. “The payback on the project could be completed in 3.7 years.”

The council offered no opposition to the Alabama Department of Transportation’s plan to resurface a portion of East Troy Street to the Barbour County line.

Thomas said the prior week had been a busy one in downtown Brundidge. The Brush Arbor Singing was held on the grounds of City Hall on Wednesday night, the Fall Festival on Thursday night and the Peanut Butter Festival on Saturday.

“Our city workers do an outstanding job all the time but did an exceptional job with the big crowd we had in town Saturday,” he said. “There were 32 nine-gallon containers of trash and they had the grounds free of trash Sunday morning. They do a great job and don’t get the recognition they deserve.”

In other business, the council received a letter of resignation from Richard Chapman, chairman of the Tupper Lightfoot Memorial Library board.

Council Members Betty Baxter, Arthur Lee Griffin, Margaret Ross and Cynthia Pearson were present for the meeting. Stephen Coleman did not attend. Mayor Jimmy Ramage was also in attendance.