By allowing ads to appear on this site, you support the local businesses who, in turn, support great journalism.
City could save money with power contract, bond reissue
Placeholder Image

Camden City Council will consider two items during its meeting Tuesday night that could save the city money.

First, council will consider modifications to a contract it holds with Duke Energy Progress (DEP) for the wholesale power it purchases and resells to city electric customers. According to a memorandum attached to Tuesday’s proposed agenda, DEP is asking the city not to intervene in or protest its planned acquisition of a North Carolina power company. In exchange, DEP is offering Camden an additional year of “fixed capacity price.” This, the memorandum from City Manager Mel Pearson to council said, could result in net savings of more than $54,000 to the city of Camden.

The other potential money-saving item on council’s agenda is consideration of an ordinance that would re-price a $3 million 2010 bond used to fund the planning, site preparation and engineering costs for the city’s new wastewater treatment plant. According to a memorandum attached to Tuesday’s agenda, BB&T bank is agreeing to re-price the current principal of $2.607 million and waive all penalties required by early/prepayment of the bond balance. In addition, the interest rate would be lowered from 4.97 percent to 3.09 percent. The memorandum indicates the city could see net savings of $346,295.

Other items on Tuesday’s agenda are:

• second reading of an ordinance amending portions of City Code Chapter 158 governing the Camden Historic Landmarks Commission;

• second reading of an ordinance repealing the city’s ordinance banning the use of mobile devices while driving, since there is now a state law to that effect; and

• first reading of an ordinance providing for a $4 million hospitality fee revenue bond that would help fund the construction of a conference center at the proposed expanded Central Carolina Technical College campus at I-20 Exit 98, and the renovation of Rhame Arena.

There will be no work session Tuesday afternoon. The evening meeting will begin at 6:30 p.m. in council chambers on the second floor of Camden City Hall, 1000 Lyttleton St., and is open to the public.