By Cristin Ross

cross@jacksonvilleprogress.com

It pays to be financially savvy.

That’s why New Summerfield City Council members will consider an ordinance Tuesday allowing Mayor Dan Stallings to pledge a City Certificate of Deposit as part of refinancing the city’s debt.

The council will meet at 6:30 p.m. Tuesday at New Summerfield City Hall on State Highway 110 in New Summerfield.

“This is a formality to help keep the council updated on where we are financially,” Stallings said.

He requested to refinance the city’s debt incurred for the recent upgrades and refurbishing of the city’s water and natural gas systems, as required by the Texas Environmental Quality Commission and the Texas Railroad Commission.

Stallings said with the better interest rates the city would be getting after refinancing with a different bank, the city could save several thousand dollars a year in interest charges.

Stallings presented council members with bids on both vehicles in February.

Other items on Tuesday’s agenda include:

• an ordinance on the control of LED lighting for advertisement;

• a general report from the New Summerfield Police Department;

• discussion on the progress of work on city water well No. 2 and additional work on well No. 1; and

• the continuing work on the city’s natural gas system infrastructure.

The New Summerfield City Council meets at 6:30 p.m. every second Tuesday of the month at New Summerfield City Hall on Hwy. 110.

The public is welcome.

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