|Polk County Enterprise - Local News
Copyright 2012 - Polk County Publishing Company
Livingston issues bonds for library, water tower
BY JIM POTTS
LIVINGSTON — The Livingston City Council approved an ordinance permitting the sale of $6 million in bonds to fund a new water tower and renovating the Wadsworth Center into a new library. The Livingston City Council unanimously approved an ordinance issuing certificates of obligation for $6 million, which would fund construction of a new water tower and renovations to the future site of the Livingston City Library. The certificates mature in 2019 and come with an interest rate of 3.13 percent, a rate Financial Advisor Jim Gilley of Coastal Securities considers outstanding. Gilley said the low interest rate stems from the City of Livingston’s recent double-A rating by Standard and Poor’s — an international, independent credit rating agency. City officials estimate $2 million of the funds approved Tuesday would cover the cost of renovating the Wadsworth building, which would replace the Murphy Memorial Library. Livingston purchased the Wadsworth Building, located at the intersection of Tyler and Milam Street, in December 2008 after First Baptist Church of Livingston moved to its new facility on Colt Road near U.S. 59. Along with approving the certificates, the city council approved a proposal by Scott and Strong Architects that sets the renovation project in motion. Architect Mark Strong said construction is tentatively set to wrap up sometime in 2014. Scott and Strong are also the architects for the Polk County College/Commerce Center project being built on Loop 59 just north of the Livingston/Polk County Chamber of Commerce. City officials will use the remaining funds to construct one million gallon water tower on the Livingston High School campus. The council will also: • Approved allocation of $28,948 to Neil Technical Services Corporation for the installation of a generator, a resolution to accept the generator as well as a resolution to accept construction and installation of the generator. • Listened to a presentation, Transforming Texas: Healthy People in Health Communities Initiative from Angelina County and Cities Health District Administrator Sharon Shaw. • Approved an employee cost of living increase, based on the consumer price index, which provides an additional $85,000 for city employee salaries.