The Russellville City Council voted Monday night to pay off a short-term loan the city took out in November to help offset operating costs at the time.
The council unanimously voted to re-pay CB&S Bank $410,533.66.
Mayor David Grissom said the city agreed at the time the loan was obtained to re-pay the amount in full within six months.
“I am glad that we are able to pay this back in full just as we agreed,” Grissom said.
“I really appreciate CB&S Bank for working with us when we were in a crunch. At the time, it was badly needed and they stepped up to help us.”
During Monday night’s meeting, city clerk Kim Wright told the council that after this week’s payables were made and payroll cut, the city would have about $300,000 remaining in its general fund.
“The department heads all worked very hard to help us get caught up some and to the point where we are, but we all need to remember that we have to keep doing the things we’ve been doing,” Grissom said.
“We have a long way to go to be where we all want to be and where the city needs to be. That means we all have to be as conservative as we can.”
City officials said that holiday sales tax receipts coupled with business license renewals and ad valorem taxes helped the city catch up to a point where the payment could be made back to CB&S Bank.
In other business, the council:
• awarded a bid for underground storm drains to Hovater Metal Works
• approved an agreement for professional engineering services for an ATRIP project from Madison Avenue from Jackson to U.S. 43 to Williams Engineering
• approved the widening of a bridge on Underwood Road for a total of $39,000 to Riley Bridge Company
• voted to de-annex Joe Holmes Oil Company, which is the former site of Ray’s Southside Grocery.