By Joseph M. Morgan

joseph@southerntorch.com

RAINSVILLE, Ala.—Despite strong objection from Mayor Nick Jones, the Rainsville City Council voted to approve a $1.5 million bond issue Tuesday night that will eventually cost the city and residents an estimated $2.07 million by the time taxpayer dollars pay off the debt in 2030.

Jones, a banker by trade, warned the council that the city is already servicing over $8 million of debt in addition to subsidizing the NE Alabama Ag Center operations at a cost of approximately $24,000 per month.

“This bond issue might be something our city can afford, but that’s no reason to spend money unnecessarily,” Jones said. “As mayor, I have serious reservations about adding more debt to our current obligations and punting repayment down the road for another mayor and council to find a way to repay it. The way it’s structured we’re looking at interest-only payments until 2023. That means the city will be paying over $300,000 in interest before we even begin to pay off the principal. I think that’s a bad way to enter into any kind of financial transaction.

After a heated exchange, the council voted to authorize the bond issue. Jones cast the only opposing vote and the ordinance passed 4-1—Councilwoman Melissa Ledbetter and councilmen Rodger Lingerfelt, Brandon Freeman and Joey Graham all voted to issue the bond.