BB&T Gains City Line of Credit Account
by Mary Hunter
Friday, May 14, 2010
A special called meeting was held by the Cleveland City Council on May 13th. These are the details of the meeting:
Bank bids were received to obtain an account for the city's line of credit. The recommendation was BB&T with 100% of federal funds, total interest of 500,000 being $102.74 and a letter of credit for a 3 year term with no termination fee.
The bids were also open to Bank of Cleveland with 60% of (pi) with total interest of $61.64; First Tennessee with 100% of federal funds with total interest of 102.74; United Community Bank with total interest of $102.60; and bids were also requested from Athens Federal whom did not submit a bid and Southern Heritage Bank whom did not submit a bid.
The council voted unanimously on accepting BB&T for the bank of choice.
The owner of Dal-Kawa Cycle Center in North Carolina has requested $1,800 from the City of Cleveland due to their breach of contract with the company. The bid was retracted after Christy Griffith of Griffith's Kawasaki of Cleveland petitioned the Council, due to the fact that she believed that accepting a bid from an out of state business was unfair to her and her competitor R&S Tractor, and she advised the council she nor her competitor would be doing the needed servicing on the ATV's. Driving over 200 miles to get ATV's service seemed out of the question to the Council, so unanimously, the Council agreed to retract the bid to Del-Kawa Cycle and pay the asked $1,800 due to the breach of contract.
Bids were placed for the new pumping station at Waterville Golf Course. Cherokee Construction of Cleveland is the recommendation at $162,902 for the project. Other bidders on this project include Hampton Backhoe of Cleveland for $229,000 and Clyde Colloms & Sons Plumbing of Englewood, TN and Shelton Irrigation of Knoxville, TN who did not submit bids.
The next scheduled city council meeting will be held May 24th, 2010 at 2:00 and 4:00.