The Slater City Council met Tuesday, Feb. 19, to discuss lease/purchase options for improvements at the water plant.

G. Joseph McLiney of McLiney and Company Investment Banking gave the council several options for financing the much-needed improvements at the water plant.

McLiney said there are three options to finance this project, tax (general obligation) bonds, revenue bonds or lease/purchase.

"You guys have been operating awfully well over the last few years," said McLiney, who has worked with Slater a lot in the past on investment banking.

McLiney said the tax bonds would not be an option if Slater wants to move quickly on beginning the project. The city would not be able to begin work until an election is held; and the next one is in November. Most investors consider general obligation bonds safer than their revenue counterparts, McLiney said.

Revenue bonds are issued by special state government sanctioned entities.

McLiney said, "When I first started working for Slater (several years ago), I would say 'lets go with a revenue bond.'" He said he prefers the lease/purchase option now.

Mayor Stephen Allegri said, "I think time is getting of essence." He was referring to the condition of the clarifier at the water plant. This piece of equipment was installed in 1965 and the scrapers are hitting the cat walk, because it has failed.

McLiney said he has been working with Community Bank of Slater and they are really interested in the lease/purchase option of financing. The amount of funds to be borrowed is $450,000 with an option of 15 or 20 years.

"We knew this was coming," Allegri said. He thanked McLiney for his presentation and the council will weigh their options. At the next meeting, the council will receive a packet with all the information on financing, condition of the plant, cost of fixing and other needed information to make an executive decision.

In other business, the council approved a resolution that will be sent to the city of Kirkwood offering their condolences to the tragedy that took place the first part of February.

The council also approved the mowing lien collections for properties owned by five owners. The fees to be collected will total about $3,800.

"These have the same priority as unpaid taxes," said Pat Cronen, city attorney.

The list of bills that was approved by the council included a payment to a sign company to fix the orange neon sign, "SLATER," that welcomes people into town.

"You would be amazed at the gripes we get when the sign says 'SLATE' or 'LATER,'" said Gene Griffith, city administrator.

Steve McQueen Day's planning is well underway, according to Griffith. The committee is meeting every other week and they are trying to get the festival to pay for itself. He said they will be offering arm bands this year.

"We eventually want this to be something we help with, but not put on," Allegri said.

The next meeting will be Tuesday, March 4, at 7 p.m.

Contact Rachel Harper at marshallcity@socket.net