By Joseph Morgan

joseph@southerntorch.com

RAINSVILLE, Ala. — The Rainsville City Council will meet tonight at 5:30 p.m. to discuss a $1.5 million bond issue agreement with Raymond James & Associates, Inc.

The meeting is actually a continuance from the Aug. 17 meeting that was left unadjourned after a vote to intentionally delay discussion of the bond issue. The council did not provide ample explanation at the Aug. 17 meeting as to why the meeting adjournment would be postponed. Regardless, the rescheduling of the discussion results in a very brief 4-day window to discuss the issue before making a vote as opposed to the standard two weeks that usually separate the introduction of a new ordinance.

It is not clear at this point specifically what the $1.5 million will be spent on other than the mention of using a portion of it for the repaving of a select number of Rainsville city streets.

Rainsville Mayor Nick Jones expressed concern that the delayed adjournment would not give city officials or the public ample time to discuss the proposed new debt.

Jones said, “Currently the city is servicing over $8 million of debt in addition to subsidizing the NE Alabama Ag Center operations with approximately $24,000 per month. I’m concerned about getting the city in over its head and forcing this council or a future council to resort to raising taxes as a result of our financial obligations.”

The bond issue could come to a vote as early as Sept. 8, the next scheduled meeting of the Rainsville City Council.