Council Set to Approve Performance Contracting Finance Agreement

The Kirksville City Council will have a very short special meeting this evening.

The council is expected to approve a Resolution authorizing the City Manager to execute a Master Tax-exempt Lease Purchase Agreement with U.S. Bank. It’s completing paperwork for the Performance Contracting Project approved in September. Proposals were requested for financing the project.All local banks and several from out of town were invited to bid; locally, only US Bank chose to submit a bid. Of the five total bidders, US Bank was also the low bidder, with a rate of just under 2-percent. City officials asked the council to approve the contract in a special meeting rather than waiting until their next regular session because they expect the interest rates to jump sharply November 1st.